Thingamabob SalesYaster Inc. is trying to enter the thingamabob market. The researchdepartment established the following price-demand, cost, and revenuefunctions:p(x) = 57 1.14x-Price-demandfunctionCostfunctionC(x) = 215 + 11xR(x) = xp(x) = x(57 - 1.14x)where x is in thousands of thingamabobs and C(x) and R(x) are inthousands of dollars. The price p(x) is the price in dollars of onethingamabob when the demand is a thousand thingamabobs. All threefunctions have domain 1 ≤ x ≤ 50.Use this information to answer the questions below.Revenuefunction Use the Sales information above to answer this question.The Yaster research department established the following price-supply function forthingamabobs:q(x) = 1.66 x + 2,where x is in thousands of thingamambobs. Find the equilibrium quantity. Use thatinformation to complete the following sentence:As the price of thingamabobs tends toward the equilibrium price, the supply and demand areboththingamabobs. Round to the nearest thingamabob.

We have given the price-demand relationship as p(x)=57-1.14x ..... (1) The supply…

Use the Sales information above to answer this question. The Yaster research department established the following price-supply function for thingamabobs: q(x) = 1.66 x + 2, where x is in thousands of thingamambobs. Find the equilibrium quantity. Use that information to complete the following sentence: As the price of thingamabobs tends toward the equilibrium price, the supply and demand are both thingamabobs. Round to the nearest thingamabob.

Use the Sales information above to answer this question. The Yaster research department established the following price-supply function for thingamabobs: q(x) = 1.66 x + 2, where x is in thousands of thingamambobs. Find the equilibrium quantity. Use that information to complete the following sentence: As the price of thingamabobs tends toward the equilibrium price, the supply and demand are both thingamabobs. Round to the nearest thingamabob.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter11: Price And Output Determination: Monopoly And Dominant Firms

Section: Chapter Questions

Problem 5E

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