1) see picture A manufacturer of kitchen appliances is preparing to set the price on a new blender. Demand is thought to depend on the price and is represented by the following model.D= 2,000 – 2PThe accounting department estimates that the total cost can be represented by the following model.C = 4,000 + 4DDevelop a mathematical model for the total profit TP in terms of the price, P.A mathematical model for the total profit in terms of the price P is TP =(Simplify your answer. Do not factor.)

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Economics

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

1) see picture

A manufacturer of kitchen appliances is preparing to set the price on a new blender. Demand is thought to depend on the price and is represented by the following model.
D= 2,000 – 2P
The accounting department estimates that the total cost can be represented by the following model.
C = 4,000 + 4D
Develop a mathematical model for the total profit TP in terms of the price, P.
A mathematical model for the total profit in terms of the price P is TP =
(Simplify your answer. Do not factor.)

Expert Solution

Step 1

TP= TR-TC

Where,

TP= Total profit

TR= Total revenue

TC= Total cost.

Step 2

Step by step

Solved in 3 steps with 2 images

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