Homework Answers
| a) | The linear cost function = $60 + $5.5*x | ||
| Calculation: | |||
| Total marginal cost for 70 T-shirts = 70*5.5 = | $ 385 | ||
| Fixed cost = $445-$385 = | $ 60 | ||
| Hence, the above cost function. | |||
| b) | Break even number of T-shirts = Fixed costs/Contribution margin per T-shirt = 385/(9-5.5) = | 110 | T-shirts |
| c) | Number of T-shirts to be produced and sold to make profit of 600 = (Fixed cost+Desired profit)/Contribution margin per unit = (385+600)/(9-5.5) = | 281.43 | |
| Rounded off to next whole number | 282 | T-shirts |
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Liz produces t-shirts. From the consumers' perspective, her
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by many other sellers. The going market price of a t-shirt is $7.
Liz's total variable costs are shown in the table below. Her total
fixed cost is $10 per day.
In the scenario above, what price should Liz charge ($ per
t-shirt)?
In the scenario above, what is Liz's marginal revenue from the
fifth t-shirt ($)?
In the...
Total Cost Analysis The manager of a rival T-shirt stand found that her cost to produce 10 T- shirts is $112.67, while the cost to produce 40 T-shirts is $399.09. Assume the cost C(x) is a linear function of x, the number of T-shirts produced. Find the total cost of producing 100 T-shirts.(Round to 2 decimal places) Fixed Cost Analysis In deciding whether to set up a new manufacturing plant, company analysts have decided that a linear function is a...
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