Teddy J is a manufacturer of dish washing liquid. If his monthly demand function for 750 ml size is q = 4000-250p and his total cost function is C (q) = 500 + 0.2q. Determine whether Teddy J's profit is increasing or decreasing when he produces 5 hundred, 750 ml bottles of dish washing liquid
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Teddy J is a manufacturer of dish washing liquid. If his monthly
Determine whether Teddy J's profit is increasing or decreasing when he produces 5 hundred, 750 ml bottles of dish washing liquid
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- Teddy J is a manufacturer of dish washing liquid. If his monthly demand function for 750ml size is q= 4000 - 250p and his total cost is C(q) = 500+0.2q. 1. Derive an expression, R(q) for Teddy J total recenue curve. 2. Derive an expression, TT(q) for teddy j profit function. 3. Determine whether Teddy J profit is increasing or decreasing when he produces 5 hundred, 750ml bottles of dish washing liquid. 4. How many 750ml bottles of dish washing liquid should Teddy J produce per month if he wishes to maximize his profits.Find the optimal output to maximize profit given that revenue function is TR = 9000Q − 207q2 and the cost function is TC = 18q2.A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500 per day when producing 15 sinks. The company has a daily demand function of q = 360 − p, where q is the number if laundry sinks demanded and p is te price of a laundry sink. (c) If production increases continuously, what is likely to be the average cost per sink?
- The demand function for small high-definition televisions is given by p = 9,000 − 55x, where p is the price, in dollars, that x televisions can be sold. The cost function (in dollars) to produce televisions is C = 3,500x + 2,000. (Simplify your answers completely.) (a)Find the revenue function, R. R = (b)Find the profit function, P. P = (c)Find how many televisions should be sold to maximize profit. televisions (d)What is the maximum profit (in dollars)? $A price-taking firm's variable cost function is C = Q3, where Q is the output per week. It has an avoidable fixed cost of $1,024 per week. Its marginal cost is MC = 3Q2. What is the profit maximizing output if the price is P = $192? 0 or 5.33 or 8 5.33 or 8 0 or 5.33 0 or 8The total cost of a firm is TC(Q)=4Q2+6Q+34. Accordingly, its marginal cost is 2*4*Q+6 when its output is Q. Find the output level where the ATC is minimized.
- Consider that a company has a total cost function TC = 3Q3+2Q2+6. a.What is the average and marginal cost function and what are their values ifQ = 8?b. If the (inverse) demand function facing the firm is P = 6 - 2Q, what value must the slope of the isobenefit curve take for the firm to maximize its profit? Indicate the generic condition as well.Suppose that the manager of a firm operating in a competitive market has estimated the firm’s average variable cost function to be AVC = 10 – 0.03Q + 0.00005Q2, TFC = 60. What is the MC function? What is the output where AVC is minimum? What is the optimum profit?Sergio Lopez is a publisher of Latin American poetry. His fixed cost is $525, and the cost to produce each individual copy of his book is $3.50. Currently, Sergio is selling these books for $6 each. So far this year, he has produced x a. Write a linear cost function C for Sergio’s book production, in terms of x. b. Find the linear revenue function R for selling x copies of the book. Remember that P(x) = (price)x. c. Use and 1b. to determine the profit function P for selling x books. Write the formula in simplified form. d.Use your answer for 1c to determine the profit, in dollars, for selling 300 books.
- A firm has a linear demand function for it's product.When the price for the product is Sh.220,the quantity demanded is 40 units.When the price increases to Sh.240 the quantity demanded becomes 30 units.In addition,the firm's marginal cost function is given by; MC = 40Q-2Q^2+2 Fixed cost = Sh. 5 million Where Q= quantity demanded, Mc= marginal cost(cost in Sh. Million) Required 1.The level of output that maximises profits 2.The maximum profit 3.The price of the product at a maximum profitA firm's demand function is Q = 16 – P and its total cost function is defined as TC = 3 + Q +0.25Q2. Use these two functions to form the firm's profit function and then determine the level ofoutput that yields the profit maximum. What is the level of profit at the optimum?*** Please answer e, f, g,h** An ice cream company finds that at a price of $4.00 for each pint, they can sell 4000 pints of ice cream per day. For every $0.25 decrease in price, daily demand increases by 200 units. The company’s cost function is C(q)=0.01q2-90q+211600, where C represents their daily costs (in dollars), and q is the number of pints sold per day. a)Find the demand function q(p). b) Find the revenue function R(q). Hint: first you will need to solve for p in terms of q from the demand function.) c) How many pints should the company sell per day if they want to maximize their revenue? d) what price should the company charge for each pint if they want to maximize their revenue? e)Use the criteria MC(q)=MR(q) to determine how many pints the company should sell per day if they want to maximize their profit. f)What is the maximum profit the company can earn per day? g)Find the average cost function. h)How many pints should the company sell per day if they want to minimize…
