Suppose that the cost required for a company to produce r units of its product is a linear function given y a fixed cost of $90 and a variable cost of $5 per unit produced. Each unit sells at $8 per unit. (a) Find the profit function, and then use this function to find the number of units (r) that must be sold to break even. (b) Suppose the supply and demand equations are given as: 0.2x – p = 0 0.3r +p - 5 = 0 Determine the equilibrium point (x, p) for this pair of equations.

Suppose that the cost required for a company to produce r units of its product is a linear function given y a fixed cost of $90 and a variable cost of $5 per unit produced. Each unit sells at $8 per unit. (a) Find the profit function, and then use this function to find the number of units (r) that must be sold to break even. (b) Suppose the supply and demand equations are given as: 0.2x – p = 0 0.3r +p - 5 = 0 Determine the equilibrium point (x, p) for this pair of equations.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that the cost required for a company to produce r units of its product is a linear function given
by a fixed cost of $90 and a variable cost of $5 per unit produced. Each unit sells at $8 per unit.
(a) Find the profit function, and then use this function to find the number of units (x) that must be sold
to break even.
(b) Suppose the supply and demand equations are given as:
0.2x – p = 0
0.3x +p – 5 = 0
Determine the equilibrium point (x,p) for this pair of equations.
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