A company sells baseball cards. The cost equation to manufacture the product is given by C (x) = x ^ 2 - x + 31. The company sells its cards for $ 3.00 each. Therefore, your income equation is R (x) = 3x, where R is income and x is the number of units sold in the week (in thousands). Find and interpret the equilibrium point.
1. A company sells baseball cards. The cost equation to manufacture the product is given by C (x) = x ^ 2 - x + 31. The company sells its cards for $ 3.00 each. Therefore, your income equation is R (x) = 3x, where R is income and x is the number of units sold in the week (in thousands). Find and interpret the equilibrium point.
2. The supply and demand equations for a certain product are: (1) and (2) respectively, where p represents the price per unit in dollars and q, the number of units sold per period.
(1) 3q - 200p + 1800 = 0
(2) 3q + 100p - 1800 = 0
Find the equilibrium price algebraically. Find and interpret the equilibrium price when a tax of 37 cents per unit is imposed on the supplier.
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