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- What is the average variable cost of washing 90 cars? is the answer 4 or .7?A company finds that it can sell out a certain product that it produces, at the rate of Tk. 2 per unit. 1 It estimates the cost function of the product to be Tk. 1000 + 2 50 for q units produced. (i) Find the expression for the total profit, if q units are produced and sold. (ii) Find the number of units produced that will maximize profit. (iii)What is the amount of this maximum profit? (iv) What would be the profit if 6000 units were produced?Soft selling occurs when a buyer is skeptical of the usefulness of a product and the seller offers to set a price that depends on realized value. For example, suppose a sales representative is trying to sell a company a new accounting system that will, with certainty, reduce costs by 10%. However, the customer has heard this claim before and believes there is only a 40% chance of actually realizing that cost reduction and a 60% chance of realizing no cost reduction. Assume the customer has an initial total cost of $400. According to the customer's beliefs, the expected value of the accounting system, or the expected reduction in cost, is . Suppose the sales representative initially offers the accounting system to the customer for a price of $28.00. The information asymmetry stems from the fact that the has more information about the efficacy of the accounting system than does the . At this price, the customer purchase the accounting system, since the expected…
- An electric power plant uses solid waste for fuel in the production of electricity. The cost Y in dollars per hour to produce electricity is Y = 12 + 1.2X + 0.32X2 where X is in megawatts. Revenue in dollars per hour from the sale of electricity is 18.7X – 0.25X2. Find the value of X that gives maximum profit and the maximum profit.When the production volume (Q)is(100)units the total costs (TC)is (1500)omani RIyals and fixed costs (900) Riyals so the Average Variable costs AVC will beSoft selling occurs when a buyer is skeptical of the usefulness of a product and the seller offers to set a price that depends on realized value. For example, suppose a sales representative is trying to sell a company a new accounting system that will, with certainty, reduce costs by 10%. However, the customer has heard this claim before and believes there is only a 20% chance of actually realizing that cost reduction and a 80% chance of realizing no cost reduction. Assume the customer has an initial total cost of $200. According to the customer's beliefs, the expected value of the accounting system, or the expected reduction in cost, is $____ . Suppose the sales representative initially offers the accounting system to the customer for a price of $12.00. The information asymmetry stems from the fact that the ______(sales rep or buyer) has less information about the efficacy of the accounting system than does the ______(sales rep or buyer) . At this price, the…
- An apple grower has discovered a process for producing oranges that requires two inputs. The production function is Q = min{2x, y}, where x and y are the amounts of inputs 1 and 2 that he uses. The prices of these two inputs are wx = $5 and wy = $10, respectively. The minimum cost of producing 160 units is therefore:a. $2,400.b. $1,600c. $800.d. $2,000.e. $8,000. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.MC=500Q2√Q3+5 (b) Find the total cost functionIt costs $1,000 to produce one pill and $1,002 to produce two pills. The incremental cost of a pill is $501. True or False?