Suppose that the total cost (in dollars) for a product is given byC(x)=1300+ 160 In(2x + 1)where x is the number of units produced.(a) Find the marginal cost MC function.MC =(b) Find the marginal cost when 160 units are produced. (Round your answer to the nearest cent.)$Interpret your result.The profit from the next unit will be approximately this amount.This is the total cost of producing 160 units.◇ This is the total profit from producing 160 units.○ It will cost approximately this amount to make the next unit.(c) Total cost functions always increase because producing more items costs more. What then must be true ofthe marginal cost function?○ MC ≥ 0○ MC > 0○ MC ≤ 0○ MC = 0○ MC <0Does it apply in this problem?○ YesΟ ΝΟ

Given:Total cost: C (x) = 1,300 + 160ln(2x + 1) (a) MC = 320 / (2x + 1)Derive the MC from the total…

Answered: Suppose that the total cost (in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Here is the production cost function, in $ of producing q units of a product: 2200 C(q) = 300 +0.8q2 + %3D and the demand function of the product is: p(x) = 200 - 0.05q a. Determine the marginal cost, marginal revenue and marginal profit when q=50 and q=150? b. Interpret the results of the calculation in part (a) if it is related to cost, revenue and profit?
Your college newspaper, The Collegiate Investigator, sells for 90¢ per copy. The cost of producing x copies of an edition is given by C(x) = 60 + 0.10x + 0.001x² dollars. (a) Calculate the marginal profit function, in dollars per copy. P'(x) = (b) Compute the marginal profit, if you have produced and sold 500 copies of the latest edition. When you produce and sell 500 copies, the marginal profit is dollars per copy. Interpret the results: The approximate loss from the production and sale of the 501st сорy is dollars.
If the accounting profit in an economy is $42 billion and the implicit cost is $29 billion find the economic profit.
The profit of a company, in dollars, is the difference between the company's revenue and cost. The cost, C(x), and revenue, R(x), are functions for a particular company. The x represents the number of items produced and sold to distributors. C(x)=-2300+40x R(x)=840x-x² a) Determine and simplify the profit function. Write your answer in descending order. P(X)-
Assume that the linear cost and revenue models apply. An item costs $6 to make. If fixed costs are $2400 and profits are $2100 when 100 items are made and sold, find the revenue equation. (Let x be the number of items.) R(x) =
Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Total Cost Number of Passengers (Dollars per flight) 40,000 10 60,000 20 65,000 30 68,000 40 70,000 50 71,000 60 72,500 70 73,500 80 74,000 90 74,300 100 74,500 Given the information presented in the previous table, the fixed cost to operate this flight is s At each ticket price, a different number of consumers will be willing to purchase tickets for this flight. Assume that the price of a flight is fixed for the duration of ticket sales. Use the previous table as well as the following demand schedule to complete the questions that follow. Price Quantity Demanded (Dollars per ticket) (Tickets per flight) 1,000 700 30 400 90 200 100
The production costs per week for producing x widgets is given by the function: C(x) = 500 + 10x +32 x 2. What is the marginal cost when x= = 300
Given Cost and Price (demand) functions C(q) = 110q + 45000 and p(q) = - 2.8q + 800, what profit can be earned if the price is set to be $550 per item? U The profit is $ 1,?9 (Round to the nearest cent.) A company produces a special new type of TV. The company has fixed costs of $499,000, and it costs STT00 to produce each TV. The company projects that if it charges a price of $2300 for the TV, it will be able to sell 850 TVs. If the company wants to sell 900 TVs, however, it must lower the price to $2000. Assumo a linear demand. What is the marginal profit if 200 TVs are produced It is $ 0 per item. (Round answer to nearest dollar.)
The total revenue function for a product is given by R=655x dollars, and the total cost function for this same product is given by C=19,250+70x+x2, where C is measured in dollars. For both functions, the input x is the number of units produced and sold. a. Form the profit function for this product from the two given functions. b. What is the profit when 25 units are produced and sold? c. What is the profit when 43 units are produced and sold?
To produce the next popular toy, a company has to pay a factory $250, 000 to set up the production line. They also have to pay $25 per item for the raw materials and labor. Write function for the average cost to produce x items. Then describe what happens to the average cost as the factory produces a large number of toys.
Suppose a company has fixed costs of $1500 and variable costs of (3/4)x + 1120 dollars per unit, where x is the total number of units produced. Suppose further that the selling price of its product is 1200 − (1/4)x dollars per unit. (a) Find the break-even points. (Enter your answers as a comma-separated list.)x = (b) Find the maximum revenue. (Round your answer to the nearest cent)$ (c) Form the profit function, P(x), from the cost and revenue functions.P(x) = Find maximum profit. (Round your answer to the nearest cent.)$ (d) What price will maximize the profit? (Round your answer to the nearest cent.)
The cost of producing a units of stuffed alligator toys is c(x) = 0.001x² + 8x + 7000. Find the marginal cost at the production level of 1000 units. dollars/unit

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