The revenue function for a lawnmower shop is given by R(x)=x⋅p(x)R(x)=x⋅p(x) dollars where x is the number of units sold and p(x)=400−0.5xp(x)=400−0.5x is the unit price. Find the maximum revenue
Q: It is known that the demand function for a good is shown by the equation P = - 5Q + 110 and the…
A: Profit can be calculated as the difference between total cost and total revenue. First, total…
Q: P (E) P (P) 40 5 80 Qd -10 Qs
A: In the market, demand curve and supply curve can be expressed in a Mathematical equation using a…
Q: Assume a firm's supply function for a good is given by the following expression: qs (p) = p−10…
A: qs (p) = p−10…
Q: For a company with (inverse) demand function P = 4,510 - 55Q and cost function C = 88,000 + 660Q,…
A: P=4510-55Q C=88000+660Q Total Revenue=PQ TR=(4510-55Q)Q TR=4510Q-55Q2 Maximizing TR :…
Q: shop which sells T-shirts has a demand function and a total cost function given by the equations P =…
A: A firm will maximise profit at a point where marginal revenue is equal to marginal cost and price is…
Q: onsider a competitive firm that has the cost function, TC(Q) and faces the demand P = P(Q), that is,…
A: Since, you have asked a question with multiple parts, we will be answering the first three parts for…
Q: XYZ Corporation produces garments. Its cost function is C(Q) = 1.5Q. The inverse demand function is…
A: We have the following information- Demand function, P = 9 - 0.005Q cost function, C = 1.5Q Let us…
Q: The total revenue curve of a firm is R (q) = 40q - 12q2 and its average cost A(q) = 1/30q2 - 12.85q…
A:
Q: given by R(q)=−5q^2+800q , where R(q)is in dollars and qq is units sold. Find a numeric value for…
A: Marginal revenue is the additional revenue earned with an extra unit sold.
Q: Find the demand function for the marginal revenue function. Recall that if no items are sold, the…
A: Given Marginal Revenue function is R'(x) = 0.06x2 - 0.09x + 186 Integrate both side C is…
Q: Total revenue for producing 10 units of output is $5. Total revenue for producing 11 units of output…
A: Marginal revenue can be defined as the additional revenue with each unit change in quantity.…
Q: a profit-maximizing firm finds that, at its current level of production, MR > MC, it will *…
A: marginal revenue= change in total revenue/change in quantity Marginal cost= change in total…
Q: The accountant of an agricultural company is asked to make a report about the commodities, and…
A: The law of demand refers to the inverse or negative relationship between the quantity demanded of a…
Q: Find the marginal cost, marginal revenue, and marginal profit functions. C(x) = 7x2; R(x) = x3 +…
A: C(x) = 7x2 R(x) = x3 + 11x + 16
Q: You are the manager of a firm that sells its product in a competitive market at a price of $60. Your…
A: Profit is the income earned by the company after deducting all the expenses from the total revenue.…
Q: Find the point of diminishing returns (x.y) for the function R(x), where R(x) represents revenue (in…
A: The law of diminishing returns states that, after the optimum level capacity, every additional unit…
Q: Which of the costs discussed in the chapter is the most important when a firm is deciding how much…
A: The analysis of all costs is necessary for a firm. But analyzing marginal cost is most important.…
Q: Thingamabob Sales Yaster Inc. is trying to enter the thingamabob market. The research department…
A: The break even point refers to the point where the total cost is equal to the total revenue,…
Q: Suppose the (inverse) demand for a firm’s product is given by P = 10−2Q and the cost function is…
A:
Q: The profit maximizing price in the above table is:
A: Option (a).
Q: Which of the following statements is true if a firm's short-run cost function is given by the…
A: Short run supply is the marginal cost curve of the firm. In a competitive market, price is equal to…
Q: A firm's demand function is Q = 16 - P and its total cost function is defined as TC = 3 + Q + 0.25Q²…
A: Economic profit is the difference between total revenue and total cost.
Q: A local newspaper currently has 84,000 subscribers at a quarterly charge of $30. Market research has…
A: The measure that depicts expenses that are being incurred for carrying out day-to-day transactions…
Q: suppose a firm has the following demand and cost functions A. Calculate the profit function B. Find…
A: Profit is the difference between total revenue and total cost
Q: A firm faces a demand function D(p), for which the revenue- maximizing price is $10. The demand…
A: A demand function is a list of prices and the corresponding quantities that individuals are willing…
Q: Match each graph with the function it best represents-a demand function, a revenue function, a cost…
A: Graph a = Demand function, decreases, increases Graph b = Cost function, increase linearly Graph c =…
Q: A firm's demand function is Q = 16 - P and its total cost function is defined as TC = 3 + Q+ 0.25Q²…
A: The main objective of every firm is to maximize its profits. Profits are the excess of revenue…
Q: Find the price that will maximize profit for the demand and cost functions, where p is the price, x…
A: The law of demand establishes the relationship between the price of the good and the quantity of…
Q: Find the point of diminishing returns (x.y) for the function R(x). where R(x) represents revenue (in…
A: R(x)=11,000-x^3+36x^2+800x First order condition: dR(x)/dx=3x^2-72x-800 Second order condition:…
Q: For a firm’s product, the demand function is p =72−0.04q and the average cost function is i. ¯ c =…
A: Answer: Given information: P (price) = 72 – 0.04q Where q is the quantity To find: Output at which…
Q: A store estimates is customer inverse demand is P= 6.1 - 2.6Q, and the marginal cost of each rental…
A: PLEASE FIND THE ANSWER BELOW. MARGINAL COST: In economics, the marginal cost of production is the…
Q: Imagine the demand function for your firm’s product is q = 1500 – 4P. How much is the Total revenue…
A: q = 1500 – 4P 4P=1500-q P=(1500-q)/4 Total Revenu=Price*Quantity TR=Pq TR=[(1500-q)/4]*q
Q: The cost, in dollars, to produce x designer dog leashes is C(x) R(x) = 7x + 10, and the revenue…
A: Profit = TR - TC Where TR = Total Revenue TC = Total Cost Profit = -3x2 + 55x - 7x - 10 Profit =…
Q: Determine the level of Q that maximizes total revenue. Determine the level of Q that minimizes the…
A: Given Demand equation faced by the manufacturer P=10-0.0004Q .... (1) Total cost TC…
Q: If the demand function is p=100-4q, find the level of output at which total revenue is maximum and…
A: Answers is given:
Q: A street musician bought a new fiddle for $850.00. Assume she breaks 1 string each hour and can buy…
A: Cost is a sum of fixed cost and variable cost. Fixed cost does not depend on hours worked on playing…
Q: given the function c(x) = 100 + 8x + 0.1x^2 find the marginal profit At x = 50 if the price per unit…
A: given c(x) = 100 + 8x + 0.1x^2 x = 50 and price per unit (P)= 20
Q: A baseball teams attendance depends on the number of games it wins per season and on the price of…
A: Answer a) Profit of basketball = Revenue - cost =PQ - C…
Q: Find the marginal cost, marginal revenue, and marginal profit functions. C(x) = 4x2; R(x) = x3 + 5x…
A: The marginal cost function is 8x The marginal revenue function is 3x2+5 The marginal profit function…
Q: Suppose Caroline runs a small business that manufactures shirts. Assume that the market for shirts…
A: In a competitive market firm is a price taker , and equilibrium point is acheived where MR = P = MC…
Q: The demand function for a product is p = 40 – 29 where p is the price in dollars when q units are…
A: In Economics, Revenue functions are used to determine the maximum possible output which could…
Q: Given Cost and Price (demand) functions C(q)=120q+45000 and p(q)=−2.8q+900, what is the marginal…
A: Marginal revenue refers to change in total revenue with respect to change in output.
Q: If the inverse demand function is P=10-Q and total cost is C=2Q, what is the optimal fixed cost to…
A: Demand and supply In perfect market competition the optimum quantity is produced where the demand…
Q: Find the demand function for the marginal revenue function. Recall that if no items are sold, the…
A: The equation is given: R'(x) = 0.3x2 - 0.05x + 206
Q: For the demand function Q = 50 – P, the Q that maximizes Total Revenue is ______ and the Q where…
A: Q = 50 -P (calculate P from this demand funcation)P = 50 - Q Total Revenue(TR) = P x…
Q: The marginal revenue (in thousands of dollars) from the sale of x gadgets is given by the following…
A:
Q: It has been determined that the cost of producing x units of a certain item is 8x + 365. The demand…
A: Revenue is the income earned by selling the product at given price level. Revenue function is the…
Q: Write down the revenue function, cost function, and profit function as functions of p. How much…
A: An economic Profit is the difference between the revenue a business has received from its outputs…
The revenue function for a lawnmower shop is given by R(x)=x⋅p(x)R(x)=x⋅p(x) dollars where x is the number of units sold and p(x)=400−0.5xp(x)=400−0.5x is the unit price. Find the maximum revenue.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Find the price that will maximize profit for the demand and cost functions, where p is the price, x is the number of units, and C is the cost. Demand Function p= 78-0.1 square root x Cost Function C = 33x + 550 $ =The demand function for specialty steel products is given, where p is in dollars and q is the number of units. p = 180 3 125 − qSuppose the revenue function for the sale of a product is r(x)= -3x^2+30x and the cost function is c(x)=6x. Find: A) the quantity that will maximize profit B) the break even quantity
- For a certain product, suppose that total costs are given by c(x) = 1600 + 1500x and total revenues by R(x) = 1600x-x2 (b) Find the profit function, p(x). c) Find the number of units that will maximize profit. (d) Find the maximum profit.Identify the point of diminishing returns for the input-output function. R is the revenue and x is the amount spent on advertising. Use a graphing utility to verify your results. R = − 4/9(x3 − 4x − 3), 0 ≤ x ≤ 4 (X,Y)=given the function c(x) = 100 + 8x + 0.1x^2 find the marginal profit At x = 50 if the price per unit is 20
- 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)? $Inverse demand function for a firm is P(Q) = 100 -2q and the cost function is represented as C(q) = 10+2q. Find the profit maximizing output for this firm as well as the price. What is the maximum level of profits?The demand function for a firm is p = 320 – 3.2x, and the cost function is C(x) = 100 + 80x – 1.6x2 Required (i) Determine the profit function. (ii) Determine the output and price for maximum profit and the maximum profit. Show that it is a maximum point.
- A firm’s demand function is P= 60 − 0.5Q If fixed costs are 10 and variable costs are Q + 12 per unit, find the value of output to maximize the profit.Suppose the (inverse) demand for a firm’s product is given by P = 10−2Q and the cost function is C(Q) = 2Q What is the profit-maximizing level of output and price for this firm?A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $200.a). Is the efficient scale of the firm more than, less than, or exactly 100 units?