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The function D(p) gives the number of items that will be demanded when the price is...
(1 point) The price-demand and cost functions for the production of microwaves are given as P=240- C(x) = 46000 + 40., is the number of microwaves that can be sold at a price of p dollars per unit and C where units. ) is the total cost (in dollars) of producing (A) Find the marginal cost as a function of C'(x) = (B) Find the revenue function in terms R(x) = (C) Find the marginal revenue function in terms of...
c) The demand function for books in Pick n Pay is given by P quantity demanded and P is the price per book. 50-0.3Q, where Q is the i. Find the number of books that will be bought when the price is K2. ii. iii. Find the price elasticity of the demand when the number of books bought is 30. ] Calculate the percentage change in quantity demanded when the price increases by 10% (use the coefficient price elasticity of...
10,000 where p is the price per 12) The demand equation for a monopolist's product is p q225 unit (in dollars) when q units are demanded. (a) Determine the value of q for which revenue is maximum. (b) What is the maximum revenue? 13) A manufacturer found that the total cost c of producing q units of a product is given by c 0.02q22800. At what level of production will average cost be a minimum?
14. Suppose that when the price of a certain commodity is p dollars per unit, then x hundred units will be purchased by consumers, where = -0.05 x + 38 The cost of producing x hundred units is hundred dollars is C(x) = 0.02x2 + 3x + 574.77 hundred dollars a. Express the profit P obtained from the sale of x hundred units as a function of x. Sketch the graph of the profit function. b. Use the profit curve...
Find the price-demand function if the unit price of a product is $98.00, when the quantity demanded is 10 units, and the unit price is $68.00 when the quantity demanded is 20 units. ii) What is the unit price of this product for a demand of 25 units? iii) Using price-demand function p(x) =-x+38, and cost function C (x) =9x+100 find: a) The break-even points b) The range of demand that ensures a profit and loss is made. c) The...
Inverse demand function is given as P=$100,000 - 52.5Qd, where Qd is the annual quantity demanded. development costs were substantial and marginal costs for a treatment are "just" $750 per treatment. a) if you set a single price to maximize profits, what quantity will you supply annually? (hint: the marginal revenue function has the same y-axis intercept as the inverse demand function, but twice the slope. set MR=MC and solve for Q) b) what is the price for treatment (hint:...
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7. The revenue function for a product is given by 60x2 R(x) = 2x+1 a. Find the marginal revenue function The price of a product in a competitive market is $300. The cost per unit of producing the product is 160 + 0.1% dollars, where x is the number of units produced per month a. Find the marginal cost function. b. Find the marginal revenue function b. Find MR(100) and interpret your results. c. Find...
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The price-demand and cost functions for the production of microwaves are given as 2 p=220 - 50 and C(2) = 16000 + 802, where x is the number of microwaves that can be sold at a price of p dollars per unit and C(x) is the total cost (in dollars) of producing a units. (A) Find the marginal cost as a function of x. C'(x) = 80 (B) Find...
Problem 1: A company produces an item at a per-unit cost of $1000 and a fixed cost of $50,000. The selling price is a linear function of number of items demanded as follows: p = 15,000 - 200x, x5 80 A. Find the per-unit selling price when the demand is 30. B. Find the revenue function and find the revenue when the demand is 30. C. Find the cost function and find the cost when the demand is 30. D....
1. Suppose that when the price of a good is s15, the quantity demanded is 4o units, and when the price falls to s6, the quantity increases to 6o units. The price elasticity of demand near a price of s6 and a quantity of 60 can be calculated as: A) -5/6 C)-2/9 B)-2 D) -9/2 2. Which of the following statements is true? A) The price elasticity of demand is positive when there is an inverse relationship betweern price and...