Homework Help is Here – Start Your Trial Now!
Business
Economics
Use the Sales information above to answer this question. Select the words or phrases that give a correct interpretation of the statement p(5) = 51.3. When the demand is 5 thousand dollars the price for one 9 [Select] is [Select] [Select] When the price for one [Select ] [Select] [Select] [Select] [Select] the demand is 9 ●► is

Use the Sales information above to answer this question. Select the words or phrases that give a correct interpretation of the statement p(5) = 51.3. When the demand is 5 thousand dollars the price for one 9 [Select] is [Select] [Select] When the price for one [Select ] [Select] [Select] [Select] [Select] the demand is 9 ●► is

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question

may 25 1

options are 5,270 ,51.30,51.30/5, 0

thousan thingamabobs, dollar,thingamabobs,thousand dollar.

please add those where it fits. i wasnt able to share more than 2 scrrenshots

 

## Thingamabob Sales Yaster Inc. is trying to enter the thingamabob market. The research department established the following price-demand, cost, and revenue functions: | Function | Description | |---|---| | \( p(x) = 57 - 1.14x \) | Price-demand function | | \( C(x) = 215 + 11x \) | Cost function | | \( R(x) = xp(x) = x(57 - 1.14x) \) | Revenue function | Where \( x \) is in thousands of thingamabobs and \( C(x) \) and \( R(x) \) are in thousands of dollars. The price \( p(x) \) is the price in dollars of one thingamabob when the demand is \( x \) thousand thingamabobs. All three functions have domain \( 1 \leq x \leq 50 \).
Transcribed Image Text:## Thingamabob Sales Yaster Inc. is trying to enter the thingamabob market. The research department established the following price-demand, cost, and revenue functions: | Function | Description | |---|---| | \( p(x) = 57 - 1.14x \) | Price-demand function | | \( C(x) = 215 + 11x \) | Cost function | | \( R(x) = xp(x) = x(57 - 1.14x) \) | Revenue function | Where \( x \) is in thousands of thingamabobs and \( C(x) \) and \( R(x) \) are in thousands of dollars. The price \( p(x) \) is the price in dollars of one thingamabob when the demand is \( x \) thousand thingamabobs. All three functions have domain \( 1 \leq x \leq 50 \).
### Understanding the Sales Information Use the Sales information above to answer this question. Select the words or phrases that give a correct interpretation of the statement \( p(5) = 51.3 \). #### When the demand is - [ Select from options -> 5 ] #### thousand dollars, the price for one - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ] #### is - [ Select from the dropdown -> correct option ]. #### When the price for one - [ Select from options -> correct option ] #### is - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ], #### the demand is - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ]. ### Explanation of Graphs or Diagrams No graphs or diagrams are provided in this text snippet. The content is focused on selecting the appropriate words or phrases to correctly interpret given sales information, particularly focusing on the demand and price relationships.
Transcribed Image Text:### Understanding the Sales Information Use the Sales information above to answer this question. Select the words or phrases that give a correct interpretation of the statement \( p(5) = 51.3 \). #### When the demand is - [ Select from options -> 5 ] #### thousand dollars, the price for one - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ] #### is - [ Select from the dropdown -> correct option ]. #### When the price for one - [ Select from options -> correct option ] #### is - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ], #### the demand is - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ] - [ Select from the dropdown -> correct option ]. ### Explanation of Graphs or Diagrams No graphs or diagrams are provided in this text snippet. The content is focused on selecting the appropriate words or phrases to correctly interpret given sales information, particularly focusing on the demand and price relationships.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Standard Deviation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS