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- The marketing department of a business has determined that the demand for a product can be modeled by p=2000−10x, where p is the price per unit (in dollars) and x is the number of units. The cost (in dollars) of a producing x units is given by C=2000+500x. What price will yield a maximum profit?A firm produces two goods in quantities x and y. Its cost function is C(x, y) 10x + xy + 10y and the prices P, and Py it can charge are, respectively, Px = 50 – x + y and Py = 50 – x+ y. The firm is committed to delivering a total of 15 units. How much should the firm produce of each good to maximize profits?There are 1000 pear producers that have identical cost functions, C= 200+0.025q2 where q is the number of crates of apples produced. The producers operate in a perfectly competitive market. The supply curve of each producer is ________ The total supply curve for the market is ________ At a price of 100, the elasticity of supply for the market is _________, meaning that supply is _________ For the answer options, refer to the attached image.
- Quantity Fixed Costs Variable Costs Total Cost Marginal Cost 10 200 50 250 *********** 20 200 100 300 5 30 200 300 500 20 40 200 800 1000 X (A) If the equilibrium price is $20, find the profit-maximizing quantity. (B) How much profit will the firm earn? (C) Find the marginal cost as X.1.The price p in dollars of a certain commodity and the quantity x sold obey the demand equation p= -1/5x + 200 where 0<=x <=1000. Suppose that the cost C in dollars of producing x units is C= the square root of x divided by 10 + 400. Assuming that all items produced are sold, find the cost of c as a function of the price p.A firm faces a demand function (where q=quantity demanded and p=price): q = 200 – 2p and a total cost (TC) function (where q=output): TC =0.5q2 + 20q +375 Find the firm’s profit maximizing output level using the profit maximizing condition MR = MC
- Best Orange Juice Company is located in Oman. The cost function for total orange juice production (x) is given by C(q) = 0.25x2. Their orange juice is demanded only in Muscat (Muscat demand is xm= 100-2Pm) and Salalah (Salalah demand is xs= 100-4Ps). Therefore, the total demand is x=xm+ xs. If the company can control the quantities supplied to each market, how many should it sell in each location to maximize total profits? What price would it charge in each location?If the demand for a particular commodity is p=-0.09x+51 the total cost function, C(x)=1.32x^2+11.7x+101.4 where x is the level of production. Find the 1. Revenue, R(x) 2. Profit, S(x) 3. All the values of x for the production of the commodity are profitable.A competitive firm has a total cost function: TC = 20 + 50q − 6q2 + q3 and a marginal cost function MC = 50 − 12q + 3q2. (a) If the market price is P = $230 per unit, the firm will supply 10 units of the good. Calculate: (i) the profit (ii) the producer's surplus (b) Assume that the market price is P = $50 per unit. Find (i) the level of output supplied by the firm (ii) the firm's profit (use a minus before your answer if the firm incurred a loss) (c) Calculate the range of prices for which the firm will find it optimal to shut down.
- A manufacturer of upholstery can sell 2121 yards of fabric at a price of $3.11$3.11 per yard. If the price is $1.85$1.85, she can sell 3535 yards. The total cost of manufacturing x yards of fabric is C(x)=0.6x+36C(x)=0.6x+36 dollars. Step 1 of 3 : Assuming the demand function is linear, find an equation for D(x)D(x). Do not round your answer.Consider the graph above. If the demand curve intersects the marginal & average cost curve at 100 units, calculate the profit-maximizing quantity. Profit-maximizing quantity = Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.A competitive firm has a long-run total cost function C(y) = 3y2 + 108 for y > 0 to produce y units of its good. Show the condition of market price that the firm will supply and the break-even price.