Question

In: Math

Revenue, cost, and profit. The price–demand equation and the cost function for the production of table...

Revenue, cost, and profit. The price–demand equation and the cost function for the production of table saws are given, respectively, by

x=6,000−30pandC(x)=72,000+60xx=6,000−30pandC(x)=72,000+60x

where x is the number of saws that can be sold at a price of $p per saw and C(x) is the total cost (in dollars) of producing x saws.

  • (F) Graph the cost function and the revenue function on the same coordinate system for 0≤x≤6,000. Find the break-even points, and indicate regions of loss and profit.

  • (G) Find the profit function in terms of x.

  • (H) Find the marginal profit.

  • (I) Find P'(1,500) and P′(3,000) and interpret these quantities.

  • Please write the answer clear Thank you!!

Solutions

Expert Solution

milcah answered 2 years ago
Next > < Previous

Related Solutions

Below is a table that represents price, output, cost, revenue and profit data for a monopoly....
Below is a table that represents price, output, cost, revenue and profit data for a monopoly. Price Q TR MR MC TC Profit $290 0 --- --- -$1,000 $280 1 $100 $270 2 $1,180 $260 3 $60 $250 4 $240 5 $60 $230 6 $1,420 $220 7 $1,540 $210 8 $200 9 $1,980 (a) Fill in the missing numbers for Firm B. Note: there are no numbers for MR and MC when Q=0. When output level is 4, the Average...
The table below contains the demand and price and total cost data for the production of...
The table below contains the demand and price and total cost data for the production of x widgets. Here p is the price (in dollars) of a widget for an annual demand of x widgets, and C is the annual total cost (in dollars) of producing x widgets per year. Annual demand Price 10 147 20 132 30 125 40 128 50 113 60 97 70 85 80 82 90 79 100 53 Use the given data to find a...
1. The table below contains price-demand and total cost data for the production of projectors, where...
1. The table below contains price-demand and total cost data for the production of projectors, where p is the wholesale price (in dollars) of a projector for an annual demand of x projectors and C is the total cost (in dollars) of producing x projectors. x1 p c 1943 1035 900 3190 581 1130 4570 405 1241 6490 124 1800 7330 85 1620 Price-Demand: a. Make a scatter plot for p vs x (price-demand plot). b. Get a regression line...
Complete Table 1 by computing the Total Revenue, Marginal Revenue, Total Cost, and Profit columns, each...
Complete Table 1 by computing the Total Revenue, Marginal Revenue, Total Cost, and Profit columns, each rounded to two decimal places. The cost of duplicating a video on a DVD and mailing the DVD, the Marginal Cost, is $5.56. (1 point) Table 1 Suggested Donation per DVD Request Anticipated Number of DVD Requests Total Revenue Marginal Revenue Total Cost Profit $19.00 0 $15.00 2 $9.50 5 $7.75 9 $3.00 15 $0.00 24 b. The President wants the GSTCG to provide...
Complete Table 1 by computing the Total Revenue, Marginal Revenue, Total Cost, and Profit columns, each...
Complete Table 1 by computing the Total Revenue, Marginal Revenue, Total Cost, and Profit columns, each rounded to two decimal places. The cost of duplicating a video on a DVD and mailing the DVD, the Marginal Cost, is $5.56. (1 point) Suggested Donation per DVD Request Anticipated Number of DVD Requests Total Revenue Marginal Revenue Total Cost Profit $19.00 0 $15.00 2 $9.50 5 $7.75 9 $3.00 15 $0.00 24 The President wants the GSTCG to provide videos to generate...
Price-Demand Equation x = 2750-25p Fixed Cost 8000 Variable Cost 50 Construct the cost function C(x)...
Price-Demand Equation x = 2750-25p Fixed Cost 8000 Variable Cost 50 Construct the cost function C(x) and describe the monthly cost of this business. Construct the profit function R(x) and describe the monthly revenue. Determine the domain of R(x) which represents the range of units it could produce. Construct the profit function P(x), determine break-even points, what production levels are profitable, what levels incur a loss. graph this. at a monthly level of production within the domain of the revenue...
Assume that a demand equation is given by q=5000−100p Find the marginal revenue for the production...
Assume that a demand equation is given by q=5000−100p Find the marginal revenue for the production level (value of q) 1000 units b. The cost of producing q units is given by C(q)=3000−20q+0.03q2 Find the marginal profit for production level 500 units
Suppose that the inverse demand function, marginal revenue, marginal cost and total cost for a gizmo...
Suppose that the inverse demand function, marginal revenue, marginal cost and total cost for a gizmo product produced by a monopolist are as follows: P = 100 - 2Q MR = 100 - 4Q MC = 2 TC = 10 + 2Q a. Find the monopolist's profit-maximizing output and price. b. calculate the monopolist's profit/losses, if any. c. What is the Lerner Index for this industry.
suppose that the inverse demand function, marginal revenue, marginal cost and total cost for a gizmo...
suppose that the inverse demand function, marginal revenue, marginal cost and total cost for a gizmo product produced by a monopolist are as follows p=100 -2Q MR= 100-4Q MC=2 TC=10+2Q a. Find the monopolist's profit maximizing output and price. b. Calculate the monopolist's profit/loss ,if any c. What is the Lerner Index for this industry
Assume a profit maximizing monopolist faces the following demand, marginal revenue and cost functions:
Assume a profit maximizing monopolist faces the following demand, marginal revenue and cost functions: Demand: P = 400 - 50Q Total Cost: TC = 100Q Marginal cost MC = 100 Marginal Revenue MR = 400 – 100Qa) Find the profit maximizing output level for the monopolist.b) At this level of output what price will the monopolist charge?c) What is the total profit for the monopolist?d) If the monopolist were a revenue maximizer instead of a profit maximizer, what would be...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT