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- Choose the letter/s of the correct answer/s. The price of a product is expressed as p, PHP = 10 – 28D where D is the demand. Which of the following correctlyexpresses the total revenue?A. 10 − 28D2 B. 28D = 10 C. 10D − 28D D. 10D −28D2KK ltd produces goods for sale. From trend analysis the management accountant established a demand function of the product to be P=40−1.5q, where P is the unit selling price and q is the quantity in thousands. The enterprise has been producing under the cost TC=q2+10q+50, where TC is the total cost in thousands of cedis.Required3. At what quantity does the firm break even? 4. Calculate the price elasticity of demand at the point and explain your answerMarginal Revenue for Gaming Mice. The quantity ofSensitech Laser gaming mice demanded each month is related to the unit price by the equation p=60/0.01x2+1 (0 ≤ x ≤ 20) a. Find the marginal revenue funtion R'(x) b. Compute R'(4). (Round your answer to three decimal places.)
- The price of a product is expressed as p, PHP = 10 – 28D where D is the demand. Which of the following correctlyexpresses the total revenue? A. 10 − 28D^2 B. 28D = 10 C. 10D − 28D D. 10D −28D^2A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? marginal revenue gross earnings pure profit marginal costs net benefitA firm produces a steel bar. When the price of the steel bar is $ 30,000, the quantity demanded is 8 metric tons, a 100% change in the price would change the quantity demanded by 25%. 1. How much would be the maximum total revenue of the firm? 2. What is the demand function of the firm? (Use the variable Q for the quantity demanded and the variable P for the price; no currency; use fraction form for the slope) 3. What is the marginal revenue function of the firm? (Use the variable Q for the quantity and the variable MR for the marginal revenue; no currency)
- A firm manufactures high priced gold plated wrist watches. The firm is considering lowering the price of its watches from the current $1000 per unit to $700 per unit. The firm currently sells 6000 units per year. The firm's staff economist believes the price elasticity of demand to be -3 over this price range. If the firm lowers the price, will the total revenue increase, decrease or remain unchanged? Why? If it lowers the price, what will be the new level of quantity demanded? Of new total revenue? Would you suggest the firm to offer further price discount? Why? And Why not?Use the following data to analyze the condition when the product price is set at $56. A. How much would be the total revenue? B. What will be the profit-maximizing or loss-minimizing output? C. How much would be the total cost?The price p (in dollars) and the quantity q sold of a certain product obey the demand Equation : q = 800 - 20p and 0 ≤ p ≤ 40 Express the revenue R as a function of q. What is the revenue if 20 units are sold? What quantity q maximizes revenue? What is the maximum revenue? What price should the company charge to maximize revenue? What price should the company charge to earn at least $3500 in revenue?