please help me fast, thank you so mucha , b, c Tom and Jerry are opening a food truck named the T & J Box in New York.(a)Suppose f(p) is the number of sandwiches they sell at price p. From the shortexperience of working a food truck, Tom estimates that if the price of each sandwich is $7 thenthey will sell 800 sandwiches and Jerry estimates that f'(7) = –50. Explain in your ownwords what f' (7) = -50 means in practical terms.(b)Suppose R(p) is the revenue (i.e. total sales in dollars) obtained when sellingsandwiches at price p. What is the revenue when the price is $7 per sandwich? In other words,find R(7).(c)Calculate R' (7) and explain in your own words what it means in practical terms.(d)Define the cost function g(n) = cost of making n sandwiches. Assume the cost tomake 800 sandwiches is $2000, and g'(800) = 1.50. Explain in your own words whatg' (800) = 1.50 means in practical terms.(e)The number n of sandwiches they sell at price p is given by f(p), thus the costfunction C(p) as a function of the price p is given byC(p) = g(f(p)). Can you use the chain rule to evaluate C' (7)?(f)Tom and Jerry want to increase their profit. Should they increase the price from $7to $8 per sandwich? Why or why not? Use the profit formulaP = R – C (profit equals revenue minus cost), calculate P' (7), and argue from here.

If f(p) represents the quantity of sandwiches sold, it is represents the the quantity of sandwiches…

Suppose f(p) is the number of sandwiches they sell at price p. From the short experience of working a food truck, Tom estimates that if the price of each sandwich is $7 then (a) they will sell 800 sandwiches and Jerry estimates that f'(7) = –50. Explain in your own words what f'(7) = –50 means in practical terms.

Suppose f(p) is the number of sandwiches they sell at price p. From the short experience of working a food truck, Tom estimates that if the price of each sandwich is $7 then (a) they will sell 800 sandwiches and Jerry estimates that f'(7) = –50. Explain in your own words what f'(7) = –50 means in practical terms.

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

Inflation and Purchasing Power Theory

In economic terms, Inflation refers to the increase in the costs of various commodities which are used in daily lifestyle like food, clothes, transport, etc. over a specific time. It may lead to a fall in the purchasing power of the people and also affects the exchange rate of the currency because of the price increase. As the purchasing power falls the unit of the currency in the economy falls. When the prices of the commodities are decreased, then the purchasing power of the consumers will rise, then it will lead to deflation and changes the currency of the base economy to that of the foreign economy which will lead to change in exchange rates.

Question

please help me fast, thank you so much

a , b, c

Tom and Jerry are opening a food truck named the T & J Box in New York.
(a)
Suppose f(p) is the number of sandwiches they sell at price p. From the short
experience of working a food truck, Tom estimates that if the price of each sandwich is $7 then
they will sell 800 sandwiches and Jerry estimates that f'(7) = –50. Explain in your own
words what f' (7) = -50 means in practical terms.
(b)
Suppose R(p) is the revenue (i.e. total sales in dollars) obtained when selling
sandwiches at price p. What is the revenue when the price is $7 per sandwich? In other words,
find R(7).
(c)
Calculate R' (7) and explain in your own words what it means in practical terms.
(d)
Define the cost function g(n) = cost of making n sandwiches. Assume the cost to
make 800 sandwiches is $2000, and g'(800) = 1.50. Explain in your own words what
g' (800) = 1.50 means in practical terms.
(e)
The number n of sandwiches they sell at price p is given by f(p), thus the cost
function C(p) as a function of the price p is given by
C(p) = g(f(p)). Can you use the chain rule to evaluate C' (7)?
(f)
Tom and Jerry want to increase their profit. Should they increase the price from $7
to $8 per sandwich? Why or why not? Use the profit formula
P = R – C (profit equals revenue minus cost), calculate P' (7), and argue from here.

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