Given Cost and Revenue functions C(q)=q^3-11q^2+55q+5000 and R(q)=−3q^2+2400q, what cost is incurred when marginal profit is $0? The costs are $____. (Round to nearest cent.) Given Cost and Price (demand) functions C(q)=110q+45000 and p(q)=−2.8q+950, what profit can be earned if the price is set to be $500 per item? The profit is $_. (Round to the nearest cent.) A company produces a special new type of TV. The company has fixed costs of $465,000, and it costs $1200 to produce each TV. The company projects that if it charges a price of $2300 for the TV, it will be able to sell 750 TVs. If the company wants to sell 800 TVs, however, it must lower the price to $2000. Assume a linear demand. What is the marginal profit if 250 TVs are produced It is $_ per item. (Round answer to nearest dollar.) A hotel rents rooms to customers by the night. The hotel determines that if it sets the price of the room to be $160 per night, 150 rooms will be rented. In order to rent 200 rooms, it must lower the price to $110 per night. If the hotel sets the price to be $110 per night, what is the marginal revenue? The marginal revenue is $___ per room. (Round answer to nearest dollar. If more than one answer, separate with a comma.) A patient is administered a dose of 60mg of a drug. If the body naturally disposes of 3% of the drug every hour, how quickly will the amount of the drug be changing (in mg/hr) 7 hours after ingestion? It wi

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter9: Applications Of Cost Theory

Section: Chapter Questions

Problem 3E

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Given Cost and Revenue functions C(q)=q^3-11q^2+55q+5000 and R(q)=−3q^2+2400q, what cost is incurred when marginal profit is $0? The costs are $________. (Round to nearest cent.) Given Cost and Price (demand) functions C(q)=110q+45000 and p(q)=−2.8q+950, what profit can be earned if the price is set to be $500 per item? The profit is $_______. (Round to the nearest cent.) A company produces a special new type of TV. The company has fixed costs of $465,000, and it costs $1200 to produce each TV. The company projects that if it charges a price of $2300 for the TV, it will be able to sell 750 TVs. If the company wants to sell 800 TVs, however, it must lower the price to $2000. Assume a linear demand. What is the marginal profit if 250 TVs are produced It is $_______ per item. (Round answer to nearest dollar.) A hotel rents rooms to customers by the night. The hotel determines that if it sets the price of the room to be $160 per night, 150 rooms will be rented. In order to rent 200 rooms, it must lower the price to $110 per night. If the hotel sets the price to be $110 per night, what is the marginal revenue? The marginal revenue is $_______ per room. (Round answer to nearest dollar. If more than one answer, separate with a comma.) A patient is administered a dose of 60mg of a drug. If the body naturally disposes of 3% of the drug every hour, how quickly will the amount of the drug be changing (in mg/hr) 7 hours after ingestion? It will be changing at a rate of _____ mg/hr. Round to two decimal places.

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