A commodity has a demand function modeled by p= 112 - 0.5x and a total cost function modeled by C = 30x + 31.75, where x is the number of units. (a) What unit price (in dollars) yields a maximum profit? $ x per unit (b) When the profit is maximized, what is the average cost (in dollars) per unit? (Round your answer to two decimal places.) per unit

A commodity has a demand function modeled by p= 112 - 0.5x and a total cost function modeled by C = 30x + 31.75, where x is the number of units. (a) What unit price (in dollars) yields a maximum profit? $ x per unit (b) When the profit is maximized, what is the average cost (in dollars) per unit? (Round your answer to two decimal places.) per unit

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

ChapterB: Differential Calculus Techniques In Management

Section: Chapter Questions

Problem 5E

See similar textbooks

Similar questions

A commodity has a demand function modeled by p = 106 − 0.5x and a total cost function modeled by C = 30x + 33.75, where x is the number of units. (a) What unit price (in dollars) yields a maximum profit? $ per unit (b) When the profit is maximized, what is the average cost (in dollars) per unit? (Round your answer to two decimal places.) $ per unit
For a unit demand function p=24-8x where x is the number of units and p is the price in tk,finds tge sales function. If the average cost per unit is Tk,8 find a.The profit function, b.The number of units that maximize that profit function.
A commodity has a demand function modeled by p= 100-0.5x and the total cost function is C= 50x+37.5 if x is number of units. Price of maximum profit has to be calculated. We have to find the price where there is the maximum profit.
The demand function for small high-definition televisions is given by p = 9,000 − 55x, where p is the price, in dollars, that x televisions can be sold. The cost function (in dollars) to produce televisions is C = 3,500x + 2,000. (Simplify your answers completely.) (a)Find the revenue function, R. R = (b)Find the profit function, P. P = (c)Find how many televisions should be sold to maximize profit. televisions (d)What is the maximum profit (in dollars)? $
The demand equation of a certain product is p=90-q-q². The total cost function is c=50+q-0.1q². Find the profit function. Simplify your answer as much as possible.
The total cost function will be given by Total Cost = 200 + 2Q + 0.01 Q^2 and demand function is Q = 1000 - 0.02 p, where p is a price. Find the demand Q at which Total net benefit is maximized. Find the associated values of price, total net benefit, profit, and consumer surplus.
I am given this question: The price p, in dollars, of a certain commodity and the quantity x sold obey the demand equation p = (−x/5)+200 where 0 ≤ x ≤ 1000 Suppose that the cost C, in dollars, of producing x units is C =(√x/10)+400. Assuming that all items produced are sold, find the cost C as a function of the price p. Is it safe to assume that this question has an issue since the cost C cannot be integrated into the price equation?
Suppose a company has fixed costs of $53,200 and variable cost per unit of 1/3x + 444 dollars, where x is the total number of units produced. Suppose further that the selling price of its product is 2372 − 2/3x dollars per unit. (a) Find the break-even points. (Enter your answers as a comma-separated list.) x = (b) Find the maximum revenue. (Round your answer to the nearest cent.) $ (c) Form the profit function P(x) from the cost and revenue functions. P(x) = Find maximum profit. $ (d) What price will maximize the profit? (Round your answer to the nearest cent.) $
The cost function for flavored coffee at an upscale coffeehouse is given in dollars by C(x) = 3x + 160, where x is in pounds. The coffee sells for $7 per pound.(a) Find the break-even quantity.(b) What will the revenue be at that point?
A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500 per day when producing 15 sinks. The company has a daily demand function of q = 360 − p, where q is the number if laundry sinks demanded and p is te price of a laundry sink. (c) If production increases continuously, what is likely to be the average cost per sink?
Suppose a company has fixed costs of $31,200 and variable cost per unit of 1 3 x + 444 dollars, where x is the total number of units produced. Suppose further that the selling price of its product is 1768 − 2 3 x dollars per unit. Find the break-even points. (Enter your answers as a comma-separated list.) Find the maximum revenue. (Round your answer to the nearest cent.) Form the profit function P(x) from the cost and revenue functions. Find maximum profit. What price will maximize the profit? (Round your answer to the nearest cent.)
The demand function for a type of car is given by p(x) = − 1/5 x+5000. Find the consumers’ surplus if the price per car is set at $4500