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You decide to sell pairs of running shoes. Assume that the quantity demanded is a
linear function of the
you will be able to sell 400 pairs of shoes in a month. If you charge $60 per pair of
running shos, then you can sell 300 pairs of shoes in a month. It is also known that
your monthly fixed cost is $100 and pairs of shoes cost $20 per shoe to produce. Find
what price you should charge for a pair of shoes in order to maximize profit in a
month
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- The demand equation for a particular candy bar is px + x + 20p = 3000 where 1000x candy bars are demanded per week when p dollars is the price per bar. If the current price of the candy is 49 dollars per bar and the price per bar is increasing at the rate of 0.2 dollars each week, find the rate of change in the demand.The demand equation for a particular candy bar is px + x + 20p = 3000where 1000x candy bars are demanded per week when p cents is the price per bar. If the current price of the candy is 49 cents per bar and the price per bar is increasing at the rate of 0.2 cent each week, find the rate of change in the demand.Ammongas´'s demand depends on many factors, but can be presented in simplified form as: P = 8,000,000 - 240,000 * Q, where “Q” are standard plants sold per. year. Make a graphic illustration of the P-function, where it applies that the price can not be negative and a negative number of plants can not be demanded. Then derive the TR function and the MR function mathematically.
- Consider the demand function d(p)=300e^−0.01p^2 items purchased when charging p dollars per item. Currently the price is 9 dollars per item. Use marginal analysis to estimate the decrease in demand when the price increases by 0.3 dollars per item. Demand would decrease by approximately _____ items. Round your answer to three decimal places.The monthly demand function for a particular product is q=f(p)=2400-15p, where q is stated inunits and p is the price in dollars.i) Determine (a) the Revenue function, (b) concavity, (c) revenue at a price of $50, (d) atwhat price will the revenue be maximized, (e) graph the revenue function.ii) In general how we determine Maximum and minimum value of Quadratic function.What does concavity tell us about the function’s behaviour?Profit Suppose that the total weekly cost for theproduction and sale of x bicycles is C(x) = 23x +3420 dollars and that the total revenue is givenby R(x) = 89x dollars, where x is the number ofbicycles.a. Write the equation of the function that models theweekly profit from the production and sale of xbicycles.b. What is the profit on the production and sale of150 bicycles?c. Write the function that gives the average profit perbicycle.d. What is the average profit per bicycle if 150 areproduced and sold?
- Let's say jacky has a demand function for a product made in Ney york city given that the function D(q)=-1.15q+270, where q is the number of items in demand and D(q) is the price per item, in dollars, that can be charged when q units are sold. Say that the fixed costs of production for the item is $5,000 and variable costs are $10 per item produced. If 100 items are produced and sold, what are the finds :Ewa spends all her 600 PLN bonus on the purchase of sweets and cosmetics. Draw the Ewa's budget line, knowing that her favorite sweets cost PLN 10 per pack and the price of cosmetics is PLN 25. •How will Ewa's situation be affected by the PLN 50 bonus increase? •What will happen if the price of cosmetics increases to PLN 30? •How, from the point of view of initial situation, we will evaluate the following quantitative combinations: –30 packages of sweets and 15 cosmetics –60 packages of sweets and 24 cosmetics –20 packages of sweets and 10 cosmetics –10 packages of sweets and 15 cosmeticsThese questions require application of economic theory relating to elasticity of demand andsupply. All calculations must be shown in full. Answer ALL the questions.Q.3.1 A store that sells maize meal discovers that when the price of 1kg maize meal IsR24 per kilogram, the quantity demanded is 306 kgs per week. When the pricedecreases to R21 per kg, then the sales increase to 340 kgs per week. Use thisinformation to answer questions Q.3.1.1 and Q.3.1.2 below.Q.3.1.1 Determine the price elasticity of maize meal using the Arc method. (5)Q.3.1.2 Discuss the relationship between the price elasticity of maize mealand the total revenue the store received from the sales. Advise thestore on an appropriate pricing strategy.(7)Q.3.2 The store selling maize meal makes a further discovery, when the price of ricechanges from R30 per kg to R26 per kg, then the quantity of rice demandeddecreases from 1360 kg per month to 1238 kg per month. Use this informationto answer Q.3.2.1 and Q.3.2.2 below.Q.3.2.1…
- The market research conducted by a firm in the drinking water industry shows that the demand for water has a constant elasticity equal to − 1/? where ? is 9 a) Express the demand function in the form of a differential equation b, Find the general solution for the differential equation by expressing Q (the quantity demanded) as a function of P (the product price). c, ) Suppose that the demand for bananas has a constant elasticity equal to – 9. Explain in words (without providing any calculation) how decreasing the price would affect a banana seller’s total revenue and profits. Please help me. Thank you so much.Solve only when you know correct solution Q)Luka buys smoothies from Tropical Smoothie Cafe. His demand for smoothies is given by Q = 30 - 2P (or P = 15 - 0.5Q), where P is the price of each smoothie and Q is the quantity of smoothies. Tropical Smoothie Cafe prices their smoothies according to the following rule: First smoothie is $20 All additional smoothies are $2 Answer the following questions: A) At these prices how many smoothies will he consume? B)What is Luka's consumer surplus at this quantity?Suppose that quantity demand rises by 10% as a result of a 5% decrease in price. The price elasticity of demand for this good is Give typed solution only