A firm's supply curve is depicted in the following graph. 2004 Price (P) a. 16 b. 25 c. 18 d. 0 150 100+ 50+ 50 Supply Curve 100 Quantity (Q) 150 Let's now assume that the company now produces 5 units of output. Determine the TVC at the output current. (DL-3)
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- The variable x represents the number of HDTVs manufactured and sold in a given month. The variable p is the price charged when you sell a TV. A demand curve is given by p = 660-3x. Assume you must pay salaries totalling 8000$ in a month. Also, it costs $110 to manufacture one TV. Graph the profit function, M(x)=550x-3x²-8000, and using the Maximum program, find the maximum possible profit and fill in the details (round off x to the nearest whole number): number of sales:1) a) Solve the following inequalities:(i) 5(11 − ?) < ? + 49 (ii) 7? − 3 <10m + 23< 8 − 5m (iii) ?2 ≥ 15 − 2? b) The cost structure for iPhones are as follows, fixed cost of $25 and variable cost perunit of $2. The associated demand function isp = 20 − q .(i) Obtain an expression for the profit, π(q). (ii) Find the range of output which gives a profit of at least $31. c) Use Microsoft Word or Excel to solve the system of linear inequalities:r + 5t ≤ 57t – 2r ≤ 4 r ≥ 0(NB: clearly identify the solution set by placing a BIG enough ‘S’ to coverthat entire region).1. A firm is said to be earning normal profit whenever:A. Accounting profit is zero.B. Economic profit is positive.C. Accounting profit is positive.D. Total revenue equals explicit and implicit costs.2. If a 10% increase in inputs results in a 20% increase in output, then the firm is said to exhibit:A. Diseconomies of scaleB. Diminishing marginal returns to scaleC. Constant returns to scaleD. Economies of scale3. Economists have traditionally attempted to avoid the trap of:A. Thinking in terms of total utility.B. Computing marginal utilityC. Making interpersonal utility comparisons.D. None of the above.4. According to the water-diamond paradoxA. Water has a lower MU than Diamond.B. Water has a higher TU than Diamond.C. Prices reflect MU and not TUD. All of the above.
- The revenue for a product is R(x) = −0.004x^2 + 21x − 6200 and thecost is C(x) = 0.02x + 38, for x units produced and sold.Should output be increased or decreased to generate a higher profit?(1) The revenue for a product is R(x) = −0.004x2 + 21x − 6200 and the cost is C(x) = 0.02x + 38, for x units produced and sold.(a) Find the marginal profit for 2800 units.(b) Should output be increased or decreased to generate a higher profit?Q, The demand for product is 6000 unit per year and the items are withdrawn uniformly. The order costis 10003, the inventory holding costis 63 per item per year, assuming shortages cost 125, find the following: 1. The Economic order quantity. 2. Maximum Inventory. 3. Shortage quantity. 4. Frequency .
- Please no written by hand solutions Suppose you own a store that sells top-of-the-line MP3 players. You have determined that the demand function for your MP3 players is Qd = D(P) = 1200 - 4P. At what price would you sell the MP3 players if you wanted to sell 200 of them?11- Al Shaihani is a halwa manufacturer which is famous for Omani Saffron Halwa. They wanted to increase their supply of halwa for the coming month of August 2021. However, due to COVID-19 Pandemic, the only available resources they could change are the number of their workers. Determine which type of production period Al Shaihani business is facing? a. Long run b. All of these c. Short - run d. Mid-runa. The firm's profit maximizing output level is ____ units. b. At the profit-maximizing level of output, the firm's profit-per unit is $ ___ and total profit is $_____ .
- Table 13-7The Flying Elvis Copter Rides Quantity TotalCost FixedCost VariableCost MarginalCost AverageFixedCost AverageVariableCost AverageTotalCost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 G H I $120 J K L 3 M N O P Q $120 R Refer to Table 13-7. Fill in ALL THE VALUES FROM A to R in the table.6 A production function is given by f(x1,x2)=(max{x1,x2})^0.5. Prices of inputs are p1=10 and p2=20. What is the lowest cost of producing 10 units of output?1) A manufacturer of kitche. Appliances is preparing to set the price on a new blender. Demand is thought to depend on the proce qnd is represented by the following model. D= 2,800-4p The accounting department estimates that the total cost can be represented by the following model. C=4,700+5D Develop a mathematical model for the total profit of TP in terms of the price, P. A mathematical mod for the total profit in terms of the price P is TP= ______