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- What is relationship between total revenue (TR) and total cost (TC) if the price is equal (tangent to the minimum) to ATC (is TR greater, less, or equal to TC)? What do we call this point?
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- What is relationship between total revenue (TR) and total variable cost (VC) if the price is equal to the AVC (tangent to the minimum AVC), (is TR greater, less, or equal to VC)? What do we call this point?What effect might a decrease in the demand for high definition televisions have on the short-run average total costcurve for this product?Suppose there is a decrease in the demand for high-definition televisions. What effect might this change have on the short-run average total cost curve for this product? _____ a) A decrease. When demand decreases, the short-run average total cost falls. b) An increase. When demand decreases, the short-run average total cost increases. c) No change. Demand determines the final price but not the costs for the product.
- You have charged your client $8,650 on a cost plus percentage purchase of two sofas, two lounge chairs, and three occasional tables. If the occasional tables were 30% of the total client cost, and all cost the same amount, what was the net price of these tables at a 15% markup? Explain.Product A cost $8 and demand for product B is 12 units then product A is reduced in price to $5 and demand for product B falls to 2 units please use the correct midpoint formula to solve thisGiven a Cobb-Douglas Technology specified as follows:f(x1, x2) = x1α x21−α 1. Find the marginal rate of technical substitution (MRTS)2. Derive the expression for Elasticity of Substitution
- What is relationship between total revenue (TR) and total variable cost (VC) if the price is less than AVC (is TR greater, less, or equal to VC)?A company is planning to manufactureand market a new two-slice electric toaster. After conducting extensive market surveys, the research department provides the following estimates: a weekly demand of 200 toasters at a price of $16 per toaster and a weekly demandof 300 toasters at a price of $14 per toaster. The financial department estimates that weekly fixed costs will be $1,400and variable costs (cost per unit) will be $4. a)Assume that the relationship between price ? and demand ? is linear. Use the research department’s estimates to express ? as a function of ? and determine the domain of the function. b)Using your knowledge from Finite Math, determine the Revenue functionin terms of ?. c)Determine the Marginal Revenu eat 2 different production levelsfor example 350 and 600 units. Interpret these results.(HINT: Consider what a positive or negative first derivative implies) d)Assume that the cost function is linear. Use the financialdepartment’s estimates to express the cost…What is the relationship between a firm’s total revenue, profit, and total cost?
- Explain the concept of total revenue and total costA manufacturer of upholstery can sell 2121 yards of fabric at a price of $3.11$3.11 per yard. If the price is $1.85$1.85, she can sell 3535 yards. The total cost of manufacturing x yards of fabric is C(x)=0.6x+36C(x)=0.6x+36 dollars. Step 1 of 3 : Assuming the demand function is linear, find an equation for D(x)D(x). Do not round your answer.Calculate the point of indifference for the following products: a) A i. Fixed costs = 2,070,550 ii. Variable costs = 54/item b) B i. Fixed costs = 5,275,000 ii. Variable costs = 45/item
