The demand function of a product is q = 75-p².2 ≤p≤7, where g is the quantity of the product that can be sold every day on the market with unit price p. Find the maximum and minimum value of the revenue.
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- A company can make x units of a certain product at a cost given by C(x)=5+5x. The demand price for x units of that product is D(x)=100/ x+5 (a) Show that demand is a decreasing function (as expected). (b) Find the marginal revenue at production level x=10 (c) Find the company’s maximum profit.Maximizing total revenue is the same as maximizing profit is this true or falseSuppose the own price elasticity of market demand for retail gasoline is −0.8, the Rothschild index is 0.5, and a typical gasoline retailer enjoys sales of $1.5 million annually. What is the price elasticity of demand for a representative gasoline retailer’s product?
- Suppose the demand equation is where x is the number of items sold when the per unit price is p dollars. Determine (a) the revenue function, (b) the domain revenue function, (c) the revenue derived from the sale of the 100th item-the marginal revenue when x = 100, (d) estimate the level of production that maximizes the revenue, and the maximum revenue.Kindly answer Letter D. Using the market demand function, what is Px that will make all the buyers stop purchasing this product? Round-up to two decimals. Please show COMPLETE SolutionCalculate the quantities q1 and q2 that would maximize the revenue.
- Demand for an item is constant at 40 units a week, and the economic order quantity is calculated to be 100 units. What is the reorder level if lead time is constant at 4 weeks? What is the effect of adding some margin of safety and raising the reorder level by ten units? What happens if the lead time (a) falls to 2 weeks or (b) rises to 6 weeks?I need some help and can you show me all the steps, please The profit of a firm is described by the following function: f(Q) = -8Q^3 + 30Q^2 – 120Q – 100 where Q is the quantity produced. (A) Find the stationary points for this function. (B) Using the first derivative test, find for what value of Q the profit maximised. (C) Find the feasible values of Q where the graph of the profit function is concave up.The average revenue function for a commodity is p = 50 – 4q. Find edp when: demand = 5 units ; price = Rs. 6. Find consumer’s surplus at price = Rs. 6
- A firm produces two goods sold in two separate markets where the average revenues are given asP1=130–4Q1 –Q2P2 = 160 – 2Q1 – 5Q2TC = 2Q12 + 2Q1Q2 + 4Q22. a) Find the values of Q1 and Q2 were profit is maximized. b) check the second order derivative.own price elasticity of market demand for retail gasoline is -0.8,the Rothschild index is 0.5, and a typical gasoline retailer enjoys sales of$1.5 million annually. What is the price elasticity of demand for a representative gasoline retailer's product?\beta < 1. 16. A firm uses two inputs, X1 and X2, to produce a good that is described by the production function: Q = f (X1, X2) = X1/2X1/4 12 The firm sells its output at $80 per unit: P = $ 80. The cost of input 1, X1, is $4. The cost of input 2. X2, is $2. (a) Solve for the profit - maximizing input mix, output, and profit. (b) Check the second-order conditions to verify that the profit is at a maximum