(section 2. q 3) This is another question from my math homework due today by 5 and I have no clue how to solve it. I have attached my equation "cheat-sheet" please help me! 318.4 SummarySuppose you produce and sell Things. The following table summarizes the terms we'velearned so far relating to revenue and cost. Assume you are given a graph of total costTC(q) and total revenue TR(q) for producing and selling q Things.GraphicalInterpretationRelated equations andTermDefinitionformulasthe total amount you spendto produce q Thingstotal costTC(q) = V C(q)+ FCTC(q)the money you spend toproduce q Things withoutincluding fixed coststhe graph of VC has thesame shape as TC and goesthrough the originvariable costVC(q) = TC(q) – FCVC(q)the money you must spendeven if you produce 0 Things;the vertical distance betweenFC = TC(q) – VC(q)FC = TC(0)fixed costthe TC and VC graphs OR the"y"-intercept of the TC graphFCalso known as overheadaverage costAC(q)total cost averaged over thenumber of Things producedthe slope of the diagonal linethrough the TC graph at qTC(q)AC(q)averagevariable costvariable cost averaged overthe number of Thingsproducedthe slope of the diagonal linethrough the VC graph at qVC(q)AVC(q)AV C(q)the slope of the least steepdiagonal line that intersectsthe TC graphthe slope of the least steepdiagonal line that intersectsthe VC graphthe slope of the secant linethrough TC (or VC) at qand q+1breakeventhe smallest value of averagepriceВЕРcostshutdownthe smallest value of averagepricevariable costSDPmarginal costMC(q)(see footnote)the incremental rate of(q+1)—ТC(q)MC(q)change in TC from q to q+ 1Thingstotal revenuethe total amount you receivewhen you sell q ThingsTR(q)averagetotal revenue averaged over thenumber of Things sold; alsoknown as price per Thingthe slope of the diagonal linethrough the TR graph at qTR(q)AR(q)revenueAR(q)the slope of the secant linethrough the TR graph at qand q+1the incremental rate ofmarginalrevenue MR(q) | change in TR from q to q +1(see footnote)MR(q)TR(q+1)–TR(g)Thingsthe vertical distance betweenprofitP(q)the money you are left withafter subtracting total costfrom total revenueTR and TC (whenTR>TC)P(q) = TR(q) – TC(q)NOTE: If q is measured in hundreds or thousands of Things, the definitions, formulas, andgraphical interpretations of marginal revenue and marginal cost must be adjusted appro-priately. Suppose a company has fixed costs of $40,800 and average variable costs given by AVC(x)==x -+ 333 dollars per unit, where x is the total number of units produced. Suppose further that the selling price of its product is p=1567 – x-dollars per unit.(a) Find the break-even points. (Enter your answers as a comma-separated list.)X =(b) Find the maximum total revenue. (Round your answer to the nearest cent.)$(c) Form the profit function, P(x), from the total cost and total revenue functions.P(x) =Find maximum profit. (Round your answer to the nearest cent.)$(d) What price per unit will maximize the profit? (Round your answer to the nearest cent.)$

The fixed cost of the firm is FC = $ 40,800 and the average variable cost is, AVC(x) = 1/3*x + 333…

Suppose a company has fixed costs of $40,800 and average variable costs given by AVC(x)-x + 333 dollars per unit, where x is the total number of units produced. Suppose further that the selling price of its product is p=1567 - x dollars per unit. (a) Find the break-even points. (Enter your answers as a comma-separated list.) (b) Find the maximum total revenue. (Round your answer to the nearest cent.) (c) Form the profit function, P(x), from the total cost and total revenue functions. P(x)- Find maximum profit. (Round your answer to the nearest cent.) (d) What price per unit will maximize the profit? (Round your answer to the nearest cent.)

Suppose a company has fixed costs of $40,800 and average variable costs given by AVC(x)-x + 333 dollars per unit, where x is the total number of units produced. Suppose further that the selling price of its product is p=1567 - x dollars per unit. (a) Find the break-even points. (Enter your answers as a comma-separated list.) (b) Find the maximum total revenue. (Round your answer to the nearest cent.) (c) Form the profit function, P(x), from the total cost and total revenue functions. P(x)- Find maximum profit. (Round your answer to the nearest cent.) (d) What price per unit will maximize the profit? (Round your answer to the nearest cent.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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