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In a simple accounting model, the profit that a manufacturing company earns on a product is...
Page 3 of 16 2. Profit maximization for a manufacturing company: The production cost function for...
Page 3 of 16 2. Profit maximization for a manufacturing company: The production cost function for ABC Manufacturing Company is C(x) - 8000x + 200,000 (05XS 200) where x number of units produced. The revenue function, R(x), is: R(x) – 22,000x - 70x (a) Find the profit function, P(x) for this company. [10 points) P(x) = R(x)-[(x) 5 (22,000x - 70X?) - -8000x + 200,000 P(x)=-70 x?+14000 x -20900 PCx) = -70x2 + 1400U X - 700,000 (b) Determine the...
Problem #4: The demand equation for a product is given by p-250-0.1qdollars per unit where q is t...
Problem #4: The demand equation for a product is given by p-250-0.1qdollars per unit where q is the number of units demanded. a. If the cost of producing q units is given by C(g)-1000+80q+0.15q find the profit function. b. Use CALCULUS to estimate the cost to produce the 77th unit. How does this compare with the EXACT cost of producing the 77th unit? Include correct units. Do not round values c. Compute the marginal profit of the 100th unit. Does...
A manufacturing company would like to maximize the profit of manufacturing four products. The time in hours...
A manufacturing company would like to maximize the profit of manufacturing four products. The time in hours required for each product in each production department is tabled below, along with the profit for each product. Product 1 Product 2 Product 3 Product 4 Department A 25 20 30 15 Department B 12 10 10 15 Department C 8 7 5 6 Profit $110 $90 100 95 2. Find the computer solution, including the ranging (sensitivity analysis) results, for Question 1 by...
A one product company finds that its profit. P. in millions of dollars, is given by...
A one product company finds that its profit. P. in millions of dollars, is given by the following equation where x is the amount spent on advertising, in P(x,y)= 4xy +50y - 9y? 10 1 y-80 Find the values of x and y that maximize the profit function, the maximized function value, and interpret these results. The maximum function value occurs at POD-1 The maximum profit of $is attained when is spent on advertising and the company charges per item...
Cost, revenue and profit functions may take parabolic forms. In many business and economics applications, our mo...
Cost, revenue and profit functions may take parabolic forms. In many business and economics applications, our most important goal is to maximize revenue, profit or minimize cost. We may be able to find the price or t and minimizes cost by using quadratic formula and vertex formula. he quantity of goods and maximizes profit, revenue services that The goal of this project is to enhance the understanding quadratic functions and how to find the Question 1: If you have the...
help INTRODUCTION Cost, revenue and profit functions may take parabolic forms. In many business and economics ap...
help
INTRODUCTION Cost, revenue and profit functions may take parabolic forms. In many business and economics applications, our most important goal is to maximize revenue, profit or minimize cost. We may be able to find the price or the quantity of goods and services that maximizes profit, revenue and minimizes cost by using quadratic formula and vertex formula. The goal of this project is to enhance the understanding quadratic functions and how to find the maximum/minimum. Question 1: If you...
A company manufactures two products. The price function for product A is p = 19 − 1 2 x (for 0 ≤ x ≤ 38), and fo...
A company manufactures two
products. The price function for product A is
p = 19 −
1
2
x
(for 0 ≤ x ≤ 38),
and for product B is
q = 33 − y
(for 0 ≤ y ≤ 33),
both in thousands of dollars, where x and y
are the amounts of products A and B, respectively. If the cost
function is
C(x, y) = 11x + 17y − xy + 7
thousands of dollars, find the quantities...
The revenue and cost functions for a particular product are given below.
The revenue and cost functions for a particular product are given below. The cost and revenue are given in dollars, and x represents the number of unitsR(x)=-0.8x2+608xC(x)=256x+36720(a) How many items must be sold to maximize the revenue?(b) What is the maximum revenue?(c) Find the profit function.(d) How many items must be sold to maximize the profit?(e) What is the maximum profit?(f) At what production level(s) will the company break even on this product?
3. A certain company has fixed costs of $15,000 for its product and variable costs is...
3. A certain company has fixed costs of $15,000 for its product and variable costs is given by 140 +0.04x dollars per unit where x is the total number of units. The selling price p of the product is given by 300 -0.06x dollars per unit. (6 pts) a) Set up the functions for total cost and total revenue. b) Find the minimum break even quantity. c) Set up the profit function and compute the number of units that will...
Need help with Profit Maximization Home Ene Delen Problem Set 6A: Production and Costs Names SOLUTION...
Need help with Profit Maximization
Home Ene Delen Problem Set 6A: Production and Costs Names SOLUTION Do this problem set if your family name begins L.Z. (-5) In the following questions, round to two decimal places (-2). Do not use fractions. Here is the production function for Barney's Batik Blousons (BBB). Labor 1 2 3 Total Product 6 14 4 2 8 9 10 1/2. Compute the marginal product (MP) and average product (AP) values in the table below. Labor...
Page 3 of 16 2. Profit maximization for a manufacturing company: The production cost function for ABC Manufacturing Company is C(x) - 8000x + 200,000 (05XS 200) where x number of units produced. The revenue function, R(x), is: R(x) – 22,000x - 70x (a) Find the profit function, P(x) for this company. [10 points) P(x) = R(x)-[(x) 5 (22,000x - 70X?) - -8000x + 200,000 P(x)=-70 x?+14000 x -20900 PCx) = -70x2 + 1400U X - 700,000 (b) Determine the...
Problem #4: The demand equation for a product is given by p-250-0.1qdollars per unit where q is the number of units demanded. a. If the cost of producing q units is given by C(g)-1000+80q+0.15q find the profit function. b. Use CALCULUS to estimate the cost to produce the 77th unit. How does this compare with the EXACT cost of producing the 77th unit? Include correct units. Do not round values c. Compute the marginal profit of the 100th unit. Does...
A one product company finds that its profit. P. in millions of dollars, is given by the following equation where x is the amount spent on advertising, in P(x,y)= 4xy +50y - 9y? 10 1 y-80 Find the values of x and y that maximize the profit function, the maximized function value, and interpret these results. The maximum function value occurs at POD-1 The maximum profit of $is attained when is spent on advertising and the company charges per item...
Cost, revenue and profit functions may take parabolic forms. In many business and economics applications, our most important goal is to maximize revenue, profit or minimize cost. We may be able to find the price or t and minimizes cost by using quadratic formula and vertex formula. he quantity of goods and maximizes profit, revenue services that The goal of this project is to enhance the understanding quadratic functions and how to find the Question 1: If you have the...
help
INTRODUCTION Cost, revenue and profit functions may take parabolic forms. In many business and economics applications, our most important goal is to maximize revenue, profit or minimize cost. We may be able to find the price or the quantity of goods and services that maximizes profit, revenue and minimizes cost by using quadratic formula and vertex formula. The goal of this project is to enhance the understanding quadratic functions and how to find the maximum/minimum. Question 1: If you...
A company manufactures two
products. The price function for product A is
p = 19 −
1
2
x
(for 0 ≤ x ≤ 38),
and for product B is
q = 33 − y
(for 0 ≤ y ≤ 33),
both in thousands of dollars, where x and y
are the amounts of products A and B, respectively. If the cost
function is
C(x, y) = 11x + 17y − xy + 7
thousands of dollars, find the quantities...
3. A certain company has fixed costs of $15,000 for its product and variable costs is given by 140 +0.04x dollars per unit where x is the total number of units. The selling price p of the product is given by 300 -0.06x dollars per unit. (6 pts) a) Set up the functions for total cost and total revenue. b) Find the minimum break even quantity. c) Set up the profit function and compute the number of units that will...
Need help with Profit Maximization
Home Ene Delen Problem Set 6A: Production and Costs Names SOLUTION Do this problem set if your family name begins L.Z. (-5) In the following questions, round to two decimal places (-2). Do not use fractions. Here is the production function for Barney's Batik Blousons (BBB). Labor 1 2 3 Total Product 6 14 4 2 8 9 10 1/2. Compute the marginal product (MP) and average product (AP) values in the table below. Labor...
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