Total Profit: P (Q) = 5Q + (2,450.17 +1.17Q) P (Q) = 3.83Q + 2,450.17 Let's assume on average we sell 100 hotdogs per day. P (Q) = $5 (R per hotdog) - $1.17 (TC per hotdog) $3.83 (P for 1 hotdog). %3D $3.83 (P for 1 hotdog) x 100 (Average sold hotdogs) = $383 (P per day) %3D Marginal Cost: P (Q) = $6 (R per hotdog) - $1.17 (TC per hotdog) = $4.83 (P for 1 hotdog). $4.83 (P for 1 hotdog) x 100 (Average sold hotdogs)% = $483 (P per day) %3! %3!

Total Profit: P (Q) = 5Q + (2,450.17 +1.17Q) P (Q) = 3.83Q + 2,450.17 Let's assume on average we sell 100 hotdogs per day. P (Q) = $5 (R per hotdog) - $1.17 (TC per hotdog) $3.83 (P for 1 hotdog). %3D $3.83 (P for 1 hotdog) x 100 (Average sold hotdogs) = $383 (P per day) %3D Marginal Cost: P (Q) = $6 (R per hotdog) - $1.17 (TC per hotdog) = $4.83 (P for 1 hotdog). $4.83 (P for 1 hotdog) x 100 (Average sold hotdogs)% = $483 (P per day) %3! %3!

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

need max profit function

Product
Price
Quantity
Total cost for 1
Buns
$2.99
8
$0.37
Wieners
$2.39
10
$0.24
Hot dog cart
$1,849
$1,849.00
1
Ketchup packets
$9.35
50
$0.19
Mayonnaise packets
Mustard packets
$11.99
60
$0.20
$6.98
40
$0.17
Total Cost
$1,850.17

Total Profit:
P (Q) = 5Q + (2,450.17 +1.17Q)
P (Q) = 3.83Q + 2,450.17
Let's assume on average we sell 100 hotdogs per day.
P (Q) = $5 (R per hotdog) - $1.17 (TC per hotdog) = $3.83 (P for 1 hotdog).
$3.83 (P for 1 hotdog) x 100 (Average sold hotdogs) $383 (P per day)
%3D
Marginal Cost:
P (Q) = $6 (R per hotdog) - $1.17 (TC per hotdog) $4.83 (P for 1 hotdog).
$4.83 (P for 1 hotdog) x 100 (Average sold hotdogs) = $483 (P per day)
!3!
%3D

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