EBK INTRO.TO MANAGEMENT SCIENCE
EBK INTRO.TO MANAGEMENT SCIENCE
12th Edition
ISBN: 9780133825770
Author: Taylor
Publisher: PEARSON
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Chapter 10, Problem 1P
Summary Introduction

To develop: The nonlinear profit function for the company and determine the price, which would maximize the profit.

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Explanation of Solution

Given information:

It is given that the fixed cost is$7,500, variable cost is $40, and it is stated that the price is related to demand. In addition to this, the following equation is given:

v=4001.2p

Develop the nonlinear profit function and determine the price:

Z=vpcfvcv=(4001.2p)p$7,500(4001.2p)$40=400p1.2p2$750016,000+48p=448p1.2p2$23,500

Determine the price:

EBK INTRO.TO MANAGEMENT SCIENCE, Chapter 10, Problem 1P , additional homework tip  1

Solver parameter:

EBK INTRO.TO MANAGEMENT SCIENCE, Chapter 10, Problem 1P , additional homework tip  2

Formulae to determine the table value:

EBK INTRO.TO MANAGEMENT SCIENCE, Chapter 10, Problem 1P , additional homework tip  3

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