Widget SalesJesaki Inc. is trying to enter the widget market. The research departmentestablished the following price-demand, cost, and revenue functions:p(x) = 60 1.20xPrice-demandfunctionCostfunctionC(x) = 210 + 12xR(x) = xp(x) = x(60 - 1.20x)where x is in thousands of widgets and C(x) and R(x) are in thousandsof dollars. The price p(x) is the price in dollars of one widget when thedemand is a thousand widgets. All three functions have domain1 ≤ x ≤ 50.Revenuefunction Use the Sales information above to answer this question.The value x*= 19.801 should be used in the cost model to estimate thecost of producing how many widgets?widgets. Round to the nearest widget.

Answered: Image /qna-images/answer/e620aab6-3dc2-4baf-88b8-a1ec6cdf1b13.jpg

Use the Sales information above to answer this question. The value x = 19.801 should be used in the cost model to estimate the cost of producing how many widgets? widgets. Round to the nearest widget.

Use the Sales information above to answer this question. The value x = 19.801 should be used in the cost model to estimate the cost of producing how many widgets? widgets. Round to the nearest widget.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The value of average cost is $20 Calculate the value of total cost when the total units are 6 units
Please only do the multiple choice.
The lerner index is 0.3, find the markup over marginal cost.
The average cost per item to produce q items is given by a(q) = 0.3q2 -0.7 q + 11 for q>0. What is the marginal cost, MC, of producing q goods? (a) Find the Total Cost. (b) Find the marginal cost [derivative]
Assume that it costs a company approximately C(x) = 400,000 + 160x + 0.003x² dollars to manufacture x smartphones in an hour. (a) Find the marginal cost function. Use it to estimate how fast the cost is increasing when x = 10,000. $ per smartphone Compare this with the exact cost of producing the 10,001st smartphone. The cost is increasing at a rate of $ (b) Find the average cost function C and the average cost to produce the first 10,000 smartphones. C(x) (10,000) = = per smartphone. The exact cost of producing the 10,001st smartphone is $ $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 10,000 smartphones. The marginal cost from (a) is ---Select--- than the average cost from (b). This means that the average cost is ---Select--- Thus, there is a difference of $ at a production level of 10,000 smartphones.
Cigarland is a Latin American country producing cigars. If the unit cost is 11 dollars and firms' mark up is 20 per cent, calculate the price of each cigar. Answer the question by providing just the appropriate number of dollars in the box below to one decimal place (eg 12.3). Do not enter a comma, space, letters, words or symbols (such as $). Failure to follow these instructions may result in your answer being marked as incorrect. Next page > < Previous page
Please don't use excel and show equations used.
If the Total variable cost is 60units and the given quantity is 3 Find the average variable cost
The Barnes Center started selling first-aid kits for students in the pharmacy! When 300 first-aid kits are produced, the average cost is $10 and the marginal cost is $15. Estimate the cost of producing 301 first-aid kits.
Please see attached image for question. Please note that there is an overline above the "K" in the oven/captial equation (K = 1). It does not show clearly in the image.
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.
Question 22