You are working for company that operates in a competitive industry, which sells flower bouquets. The price of the bouquets depends on the price of roses, which frequently fluctuates depending on weather conditions and other factors. Management would like to know how much it should sell in different price scenarios. "I'll do better and tell you what our supply function is – then you'll know how much to produce for any possible price," you say. "I just need to know how our costs depend on how many bouquets we ship." Management informs you that cost depends on output Q of bouquets as - follows: C = 900 - 12Q + Q2. What is the supply function you present to management at the next meeting? Q = 75 - 2P Q = 45 - P Q = 3 + P/12 Q = 6 + P/2
You are working for company that operates in a competitive industry, which sells flower bouquets. The price of the bouquets depends on the price of roses, which frequently fluctuates depending on weather conditions and other factors. Management would like to know how much it should sell in different price scenarios. "I'll do better and tell you what our supply function is – then you'll know how much to produce for any possible price," you say. "I just need to know how our costs depend on how many bouquets we ship." Management informs you that cost depends on output Q of bouquets as - follows: C = 900 - 12Q + Q2. What is the supply function you present to management at the next meeting? Q = 75 - 2P Q = 45 - P Q = 3 + P/12 Q = 6 + P/2
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![You are working for company that operates
in a competitive industry, which sells flower
bouquets. The price of the bouquets
depends on the price of roses, which
frequently fluctuates depending on
weather conditions and other factors.
Management would like to know how much
it should sell in different price scenarios. “I'll
do better and tell you what our supply
function is – then you'll know how much to
produce for any possible price," you say. "I
just need to know how our costs depend on
how many bouquets we ship."
Management informs you that cost
depends on output Q of bouquets as
follows: C = 900 - 12Q + Q2. What is the
supply function you present to
management at the next meeting?
Q = 75 - 2P
Q = 45 - P
Q = 3 + P/12
Q = 6 + P/2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1067fc30-489c-4055-b8a4-9a97a47ab57c%2F5483f6e0-6f47-4ca7-b89e-0c50f5438e55%2Fof7vfz_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You are working for company that operates
in a competitive industry, which sells flower
bouquets. The price of the bouquets
depends on the price of roses, which
frequently fluctuates depending on
weather conditions and other factors.
Management would like to know how much
it should sell in different price scenarios. “I'll
do better and tell you what our supply
function is – then you'll know how much to
produce for any possible price," you say. "I
just need to know how our costs depend on
how many bouquets we ship."
Management informs you that cost
depends on output Q of bouquets as
follows: C = 900 - 12Q + Q2. What is the
supply function you present to
management at the next meeting?
Q = 75 - 2P
Q = 45 - P
Q = 3 + P/12
Q = 6 + P/2
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