PRICE-DEMAND AND COST FUNCTIONS FOR PRODUCING AND SELLING 'X' FOODS ARE GIVEN BY P(X) = 70-0.25X AND C(X)=0.5X²+10X+800, RESPECTIVELY, WHERE P AND C ARE IN PESOS. 1. FIND THE MARGINAL PROFIT WHEN 20 FOODS ARE SOLD. 2. AT WHAT PRODUCTION LEVEL IS THE AVERAGE COST PER FOOD AT A MINIMUM?

PRICE-DEMAND AND COST FUNCTIONS FOR PRODUCING AND SELLING 'X' FOODS ARE GIVEN BY P(X) = 70-0.25X AND C(X)=0.5X²+10X+800, RESPECTIVELY, WHERE P AND C ARE IN PESOS. 1. FIND THE MARGINAL PROFIT WHEN 20 FOODS ARE SOLD. 2. AT WHAT PRODUCTION LEVEL IS THE AVERAGE COST PER FOOD AT A MINIMUM?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 1.7CE

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2. The relationship between price and demand per month for a consumer product is p = 3500 -1.1D5 where p is the price per unit in dollars and D is the demand in units. The fixed cost is $300 per month and the variable cost is $4.00 per unit. What is the optimal number of units that should be produced and sold per month? a. b. What is the maximum profit per month?
The reaping, processing and sale of sugarcane is a booming sector. However, the late1990s and early 2000s saw a crisis for sugarcane producers. During this period, thequantity supplied of sugarcane outweighed quantity demanded and the market was inturmoil.Over time the price of sugarcane recovered after 2014, peaking in July 2018. In part, thiswas due to farmers diversifying into other crops; in part, it was due to buoyant globaldemand for alternate products. In 2019, however, a combination of good harvests and afall in fertilizer sugarcane prices caused supply to increase substantially. Althoughdemand was still growing in developing countries, the onset of recession in developedcountries was halting the growth in demand. a. Illustrate and explain how the market for sugarcane will maintain equilibriumover time given the problem that exists in the late 1990s and early 2000s. B. Explain how revenue for sugar cane would have been impacted in July 2018relative to the early 2000s.
8. A firm's total cost function is given by TC = 3Q; +2Q,Q, + 7Q: Where Q, and Q. denotethe number of it ems of goods 1 and 2, respect ively that are produced. Using the substitution met hod, find the values of Q, and Q. which minimize costs if the firm is committed to producing 40 goods of eit her type in total.
1990s and early 2000s saw a crisis for sugarcane producers. During this period, thequantity supplied of sugarcane outweighed quantity demanded and the market was inturmoil. Over time the price of sugarcane recovered after 2014, peaking in July 2018. In part, thiswas due to farmers diversifying into other crops; in part, it was due to buoyant globaldemand for alternate products. In 2019, however, a combination of good harvests and afall in fertilizer sugarcane prices caused supply to increase substantially. Althoughdemand was still growing in developing countries, the onset of recession in developedcountries was halting the growth in demand. a. Illustrate and explain how the market for sugarcane will maintain equilibriumover time given the problem that exists in the late 1990s and early 2000s. b. Is demand for sugar cane price elastic or price inelastic? Explain yourreasoning. c. Illustrate and explain (i) how the sugar cane market changed during the period2014 – 2018 and (ii) what…
1990s and early 2000s saw a crisis for sugarcane producers. During this period, thequantity supplied of sugarcane outweighed quantity demanded and the market was inturmoil. Over time the price of sugarcane recovered after 2014, peaking in July 2018. In part, thiswas due to farmers diversifying into other crops; in part, it was due to buoyant globaldemand for alternate products. In 2019, however, a combination of good harvests and afall in fertilizer sugarcane prices caused supply to increase substantially. Althoughdemand was still growing in developing countries, the onset of recession in developedcountries was halting the growth in demand. a. Explain how revenue for sugar cane would have been impacted in July 2018relative to the early 2000s.
Since most consumers spend very little on salt, a small increase in the price of salt will:A. reduce quantity demanded by a large amountB. not reduce quantity demanded by very muchC. not change quantity demandedD. increase quantity demanded by a small amount 2.Fred is considering opening a ski shop in Colorado. Assume Fred will incur the following costs: building rent= $100000/year, inventory= $250000/ year, energy=$50000/year, and labor (one clerk) = $10000/year. In addition, Fred’s current income as a computer programmer is $40000 per year. Assuming Fred would earn $ 460000 in revenues, he could expect to earn:A. an accounting profit of $10000 per yearB. an accounting profit of $ 60000 per yearC. an economic profit of $ 10000 per yearD. an economic profit of $50000 per year 3.Suppose a firm employs only capital and labour (K and L) and its production function is Q = 2KL. If the quantities of labour and capital are fixed at K =10 and L = 25, then:A. total output cannot exceed 125B.…
. Profit The revenue from sales of x units of a productis given by R(x) = 200x - 0.01x2, and the cost ofproducing and selling the product can be describedby C(x) = 38x + 0.01x2 + 16,000.a. Producing and selling how many units will givemaximum profit?b. What is the maximum possible profit from producing and selling the product?
Profit Suppose that the total weekly cost for theproduction and sale of x bicycles is C(x) = 23x +3420 dollars and that the total revenue is givenby R(x) = 89x dollars, where x is the number ofbicycles.a. Write the equation of the function that models theweekly profit from the production and sale of xbicycles.b. What is the profit on the production and sale of150 bicycles?c. Write the function that gives the average profit perbicycle.d. What is the average profit per bicycle if 150 areproduced and sold?
)A two Product finm faces the follow- = 40-2P1 demand and Cost function 8- a) Find the output levels that satiaty the 12 demand amd 40-2P,-P2 タ,=35-P、- 8 follow- ng Cont function8 32 Demand function. C%=8it 20+ 10 cost function. a) Find the output levels that sati. order Conditions ythe tor maximum profit. 6)check the 2nd (ondition. Can you conclude that this Problem Posses a Order for sufficient unique maximum) c)What in the maximal profit?
Please help in fillin out this table and kkindly provide the caluclations used Picture is attatched thank you
is generally determined by the consumer rather than by the producer. In other words, if a customer perceives that he receives more in benefits than what he has to pay for those benefits (or, he gets more in benefits than what he perceives it costs him to acquire those benefits), then he is probably going to be fairly happy with that product in relation to itsS cost.
Do not understand please help me figure this out