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Profit. The financial department for the company in Problems
(a) Write a profit function for producing and selling
(b) Complete Table
(c) Plot the points in part (B) and sketch a graph of the profit function using these points.
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Chapter 2 Solutions
Finite Mathematics for Business, Economics, Life Sciences and Social Sciences
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- Problem 1 (a) Teddy J is a manufacturer of dish washing liquid. If his monthly demand function for 750ml size is q = 4000 – 250p and his total cost function is C(q) = 500 + 0.2g. (i) Derive an expression, R(q) for Teddy J's total revenue curve. (ii) Derive an expression, I(q) for Teddy J's profit function. (iii) Determine whether Teddy J's profit is increasing or decreasing when he produces 5 hundred, 750ml bottles of dish washing liquid. (iv) How many 750ml bottles of dish washing liquid should Teddy J produce per month if he wishes to maximize his profits.arrow_forwardWhat is the profit-maximising level of output for the following production function: TR = 260Q and TC = 1125 + 10Q + 5Q² 35 25 20 O 30arrow_forwardProblem 1 (a) Teddy J is a manufacturer of dish washing liquid. If his monthly demand function for 750ml size is q = 4000 – 250p and his total cost function is C(q) =500+ 0.2q. (i) Derive an expression, R(q) for Teddy J's total revenue curve. (ii) Derive an expression, II(q) for Teddy J's profit function. (iii) Determine whether Teddy J's profit is increasing or decreasing when he produces 5 hundred, 750ml bottles of dish washing liquid. (iv) How many 750ml bottles of dish washing liquid should Teddy J produce per month if he wishes to maximize his profits. (b) A firm has an average cost function 125 q? * A(q) = 4. 16 where q is the firm's output. (i) Determine the level of output for average costs are minimum. (ii) Hence determine the range of values for which average costs are decreasing. (iii) What part of the decreasing range is practically feasible? (iv) Write an equation for the total cost function. (v) Hence calculate the level of output for which total costs are minimum.arrow_forward
- Algebra for College StudentsAlgebraISBN:9781285195780Author:Jerome E. Kaufmann, Karen L. SchwittersPublisher:Cengage LearningIntermediate AlgebraAlgebraISBN:9781285195728Author:Jerome E. Kaufmann, Karen L. SchwittersPublisher:Cengage Learning
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