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- Marginal Cost is equal to Marginal Revenue when Price= $13 and Quantity= 350, which is the profit-maximizing price.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 $4500The average revenue function for a commodity is p = 50 – 4q. Find edp when: demand = 5 units ; price = Rs. 6. Find consumer’s surplus at price = Rs. 6
- 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.Advertising could lead to lower prices a. if the advertising focusses on making demand as inelastic as possible b. if economies of scale achieved from more output exceed the advertising cost. c. if the advertising shifts the demand curve to the left. d. if the advertising intensity is low. e. under no circumstances, since the advertising costs money.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?
- There are two different demand curves at your movie theaters. During the weekends, the inverse demand function is P=20-0.001Q, on weekdays, it is P=15-0.002Q. The marginal cost if 25,000 per movie. Determine prices for the weekends and weekdays.All consumers have identical demand for a pint of pistachio ice cream. Each person has a demand function of P = 30 – 2Q, where P is the price and Q is the number of pints. Marginal cost is $2. Design a two-part tariff and calculate profits.A demand of 230 banquet attendees can be expected at a dinner plate price of $80.00 each. A demand of 370 banquet attendees can be expected at a dinner plate price of $45.00 each. Catering Service A has a fixed cost of $1,800 and a marginal cost of $30 for each plate. Catering Service B has a fixed cost of $2,500 and a marginal cost of $22 for each plate. Costs for both caterers include the food, drinks, plates, utensils, tablecloths, glasses, crew, and cleanup. Dinner plates will only be sold as an entire unit. To justify company resources and to ensure the event will benefit the charity, the CEO insists the tickets be sold for no less than $40. All profits will go toward a charity of the committee's choosing. Additional spontaneous donation to the charity will be accepted the night of the banquet. Studies estimate that 5% will give $5, 23% will give $20, 18% will give $50, 7% will give $100, and 2% will give $500. Find the Profit function, P(x) , for each of the two possible…
- A demand of 230 banquet attendees can be expected at a dinner plate price of $80.00 each. A demand of 370 banquet attendees can be expected at a dinner plate price of $45.00 each. Catering Service A has a fixed cost of $1,800 and a marginal cost of $30 for each plate. Catering Service B has a fixed cost of $2,500 and a marginal cost of $22 for each plate. Costs for both caterers include the food, drinks, plates, utensils, tablecloths, glasses, crew, and cleanup. Dinner plates will only be sold as an entire unit. To justify company resources and to ensure the event will benefit the charity, the CEO insists the tickets be sold for no less than $40. All profits will go toward a charity of the committee's choosing. Additional spontaneous donation to the charity will be accepted the night of the banquet. Studies estimate that 5% will give $5, 23% will give $20, 18% will give $50, 7% will give $100, and 2% will give $500. If it is projected that there will be 100 tickets sold at a dinner…Maximizing total revenue is the same as maximizing profit is this true or falseA travel agency will plan a group tour for groups of size 35 or larger. If the group contains exactly 35 people, the cost is $280 per person. If each person's cost is reduced by $10 for each additional person above the 35, then the revenue is given by the equation shown below, where x is the number of additional people above 35. R(x) = (35 + x)(280 − 10x) Find the marginal revenue if the group contains 40 people.
