(T/F) When price in a perfectly competitive market increased from $5 to $10, John's production increased from 0 to 10. The following relationship must be true: $5 ≤ Lowest Point of Average Cost < $10
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- The graph shows the cost curves are they profit maximizing firm in a competitive market. If the market price is $30 and the firm produces at the profit maximizing quantity, what is the total variable cost A: $5400 B: $7200 C: $3960 D:1-23 Golden Age Retirement Planners specializes in providing financial advice for people planning for a comfortable retirement. The company offers seminars on the important topic of retirement planning. For a typical seminar, the room rental at a hotel is $1,000, and the cost of advertising and other incidentals is about $10,000 per seminar. The cost of the materials and special gifts for each attendee is $60 per person attending the seminar. The company charges $250 per person to attend the seminar, as this seems to be competitive with other companies in the same business. a.How many people must attend each seminar for Golden Age to break even? b.If 75 people were to attend, has the company made a profit or loss? (show your work and highlight the answer).603 chairs sold at $91 each. If total revenue is $54,873, then calculate:
- True/false Variable cost changes or vary with the change in the level of output in a production process.FG Manufacturers wants to determine the effectiveness of their pricing decisions for their product Lylo. As a consultant, you have been asked to develop cost functions that will assist in arriving at the optimal price that will enable the company to maximize profits. During the year, you were provided with the following demand and costs functions for the product: P = 400 – 6Q; where P is the unit selling price and Q is quantity in thousands of units. TC = 8Q2 + 36Q + 150; where TC is total cost in thousands of dollars. Determine the optimal sales revenue. Calculate the maximum profit. Briefly outline two (2) factors to be considered by managementswhen pricing decisions are being made.7. Fixed costs faced by farmers typically include the following, except: A. FertilizerB. Property insuranceC. Property taxesD. Interest and rent payments
- 1-18 Katherine D’Ann is planning to finance her college education by selling programs at the football games for State University. There is a fixed cost of $400 for printing these programs, and the variable cost is $3. There is also a $1,000 fee that is paid to the university for the right to sell these programs. If Katherine was able to sell programs for $5 each, how many would she have to sell in order to break even?A fruit stand owner rents a stall at the market for $255$255. Each month, the owner spends $295$295 for an accountant’s services and $695$695 on fresh fruit. The fruit stand sells 135135 kilograms of fruit monthly at a price of $8$8 per kilogram. Step 1 of 2: Calculate the fruit stand’s profit or loss. Write the exact answer; do not round. Use a minus sign to show losses if necessary.Part – A: A Leading manufacturer of Action Figures is about to introduce four new Action Figures. The accompanying table summarizes price and cost data, combined fixed costs equal $75,000. A marketing research study predicts that for each unit sold of Noyan, 2 units of Dogan, 5 units of Bamsi and 4 units of Turgut will be sold. Action Figures Turgut Bamsi Dogan Noyan Selling Price (in dollars) 32 27 25 15 Variable Cost/unit (in dollars) 16 13 11 11 Table 1 How many product mix units must be sold to break even? How does it translate into sales of individual games?
- [Item-2] Instruction: (refer to the photo below) Kindly answer the question given and provide correct and complete solution. I will dislike your solution if it is incomplete and wrong answer. Note: Please use microsoft word for the graphs.Please answer with details on how to do it. A small company manufactures a certain product. Variable costs are $20 per unit and fixed costs are $10,875. The price demand relationship for this product is P = -0.25D + 250, where P is the unit sales price of the product and D is the annual demand. Total cost = fixed cost + Variable cost, TC = CF + CV Revenue = Demand x Price, TR = D x P Profit = Total Revenue – Total Cost, P = TR – TC a) Develop the equations for the total cost and total revenue. Find the breakeven quantity c) How many units must be sold to maximize profit? What is the company’s maximum profit?Melvin manufactures a single product. Total cost per unit is $70 when production is 100 units per week, and $62.50 when production is 160 units per week. What are the total fixed costs per week?