omly typed answer he cost of ingredients for a turkey sandwich at The Pit Room is $5, and the daily demand function for this sandwich is d(p) =1200 - 100p. What price should the seller charge to maximize its daily total contribution?
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he cost of ingredients for a turkey sandwich at The Pit Room is $5, and the daily
Round your final answer to two decimal places.
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- I am given this question: The price p, in dollars, of a certain commodity and the quantity x sold obey the demand equation p = (−x/5)+200 where 0 ≤ x ≤ 1000 Suppose that the cost C, in dollars, of producing x units is C =(√x/10)+400. Assuming that all items produced are sold, find the cost C as a function of the price p. Is it safe to assume that this question has an issue since the cost C cannot be integrated into the price equation?The weekly revenue from the sale of a product is increasing at a rate of \$10$10 per \$1$1 increase in price, and the price is decreasing at a rate of \$0.5$0.5 per additional product sold. What is the marginal weekly revenue with respect to the number of products sold? Interpret your answer and be sure to state the units.Question A Suppose the short-run production function is q = 1L0.5. If the marginal cost of producing the 10th unit is $8, what is the wage per unit of labor? Question B A consumer has the utility function U(q1,q2) = q10.5 + q2Assume p2 = 1 and Y = 100. What is the equivalent variation of a price increase for good 1 from 1 to 4?
- A commodity has a demand function modeled by p = 106 − 0.5x and a total cost function modeled by C = 30x + 33.75, where x is the number of units. (a) What unit price (in dollars) yields a maximum profit? $ per unit (b) When the profit is maximized, what is the average cost (in dollars) per unit? (Round your answer to two decimal places.) $ per unitSuppose the utility function of a person consuming two commodities X and Y with income Birr 600 is given by U =2xy. If the per unit price of X is Birr 20 and per unit price of Y is Birr 40. a) Calculate the utility maximizing level of consumption of X1 and X2. b) Find the MRSX, Y at the optimum.If the production function of a firm is given by Q=,and the input prices are r = Birr 8 per unit and w = Birr 2 per unit,Let 10p + x = 100 be the demand equation, where p is the price per item when x items are demanded. (a) Find the total revenue when the level of production is: (i) 40; (ii) 41; (b) Find the exact revenue derived from the 41st item. (c) Find the approximate revenue derived from the 41st item. (d) What is the error if the derivative is used to approximate the marginal revenue?
- A firm has production function F(K, L) = 1/4 (K1/2 + L1/2) . The wage rate is w = 1 and the rental rate of capital is r = 3. (a) How much capital and labor should the firm employ to produce y units of output? (b) Hence find the cost of producing y units of output (the firm’s cost function). (c) Differentiate the cost function to find the marginal cost, and verify that it is equal to the value of the Lagrange multiplierFor the typical Cobb-douglas function, q=AKaLb whereas APL / APK = 1 , find out the marginal rate of technical substitution.MacGuffins have a demand function of QD = 70 – P and a supply function of QS = 2P + 10. Determine the supply quantity when the price is $40.
- Functions of several variables and partial differentiation, Unconstrained Optimization with two independent variables, Stationary points, Sufficient conditions for optimisation and saddle point Question 2: A firm has the production function Q=f(L,K)=100L0.5K0.5, where L is labour and K is capital. The wage rate is $5 per hour and the rental price of capital is $4 per hour and the price of the good is $1. 1. Find the marginal product (MP) of labour and capital (that is, fL,fK ) 2. Show that there are diminishing marginal productivities, that is, fLL<0,fKK<0 3. Find the cost function. 4. Find the amount of labour and capital the firm should hire to maximize profits. [Hint: write the profit function in terms of L and K and then take partial derivatives. Use the concepts involved in Question 1 above to determine the profit is maximised.] (Question 1: Let f(x,y)=2x2+x2y+y3+12y2. Find the stationary points and for each stationary point determine whether it is a maximum, minimum,…You have charged your client $8,650 on a cost plus percentage purchase of two sofas, two lounge chairs, and three occasional tables. If the occasional tables were 30% of the total client cost, and all cost the same amount, what was the net price of these tables at a 15% markup? Explain.E1 Suppose that production for good X is characterized by the following production function, Q = K0.5L0.5, where K is the fixed input in the short run. If the per-unit rental rate of capital, r, is $15 and the per-unit wage, w, is $25, then the average fixed cost of using 9 units of capital and 81 units of labor is $75. incalculable since there is insufficient information to determine the average fixed costs. $80. $5.