3) A company manufactures and sells x cellphones per week. The weekly cost and price-demand equations are
Cx=5,000+84x
p(x)=300-0.2x
a) What price should the company charge for the phones, and how many phones should be produced to maximize weekly revenue? What is the maximum revenue?
b) What is the maximum weekly profit? How much should the company charge for the phones, and how many phones should be produced to realize the maximum weekly profit?
In: Math
|
Actual Results |
Revenue & Spending Variances |
Flexible-budget |
Activity Variances |
Planning (Static) Budget |
TotalVariance |
|
|
Shoes sold (q) |
$19,000 |
20,000 |
||||
|
Revenue ($4.00q) |
$79,000 |
$80,000 |
||||
|
Expenses: |
||||||
|
COGS ($1.50q) |
$31,000 |
$30,000 |
||||
|
Wages and salaries ($8,000 + $.50q) |
$16,000 |
$18,000 |
||||
|
Supplies ($.25q) |
$4,600 |
$5,000 |
||||
|
Insurance ($2,000) |
$2,100 |
$2,000 |
||||
|
Miscellaneous costs ($.30q) |
$5,400 |
$6,000 |
||||
|
Total expenses |
$59,100 |
$61,000 |
||||
|
Net operating income |
$19,900 |
$19,000 |
Completely fill in table above.
In: Accounting
Describe wage determination in a labor market in which workers are unorganized and many firms actively compete for the services of labor. Show this situation graphically, using W1 to indicate the equilibrium wage rate and Q1 to show the number of workers hired by the firms as a group. Show the labor supply curve of the individual firm and compare it with that of the total market. Why are there differences? In the diagram representing the firm, identify total revenue, total wage cost, and revenue available for the payment of non labour resources.
In: Economics
Scenario A: A monopolist faces the following demand curve, marginal revenue curve, total cost curve for its product:
Q=3500-5p
MR= 250-Q
TC=15Q
MC=100
What level of output maximizes total revenue?
What is the profit maximizing level of output?
What is profit maximizing price?
How much profit does the monopolist earn?
Suppose that a tax of $10 for each unit produced is imposed by state government. What is the profit maximizing level of output.
In: Economics
A company manufactures and sells x cellphones per week. The weekly price-demand and cost equations are given below.
p = 500-0.5x and C(x)=15,000+135x
What price should the company charge for the phones, and how many phones should be produced to maximize the weekly revenue? What is the maximum weekly revenue?
(B) What price should the company charge for the phones, and how many phones should be produced to maximize the weekly profit? What is the maximum weekly profit?
In: Math
Big O tires can sell 10,230 Michelin RG Tires per week nationally if the price is set at $85 per tire, but only 8,320 tires if the price is $105 each. Using a LINEAR demand model
1,At what price is the maximum revenue per week achieved? nearest 1$
2.What is that maximum revenue per week? nearest $1,000
3.How many tires will be sold each week at that optimal price (nearest 10 tires)
In: Math
Identify each account listed as going on the Balance Sheet, Income Statement, or Statement of Retained Earnings.
Accounts Payable
Accounts Receivable
Accumulated Depreciation, Equipment
Allowance for Doubtful Accounts
Cash and Cash Equivalents
Common Stock, no-par
Cost of Goods Sold
Depreciation Expense
Dividends
Equipment
Income Tax Expense
Insurance Expense
Inventories
Land
Notes Payable
Other Operating Expense
Prepaid Insurance
Retained Earnings
Salary Expense
Salary Payable
Sales Revenue
Unearned Revenue
In: Accounting
|
• Prepaid Insurance • Selling Expenses • Sales Revenue • Accounts Receivable • Accounts Payable • Retained Earnings • Land • Unearned Rent • Building and Equipment • Interest Payable • Inventory • Income Tax Payable |
|
In: Accounting
Given demand curve for Silvana Chocolates Company ( SCC )
QD = 10,000 - 25P.
e. Suppose that the price of SCC rose to P = $250.What would be
the new point-price elasticity of demand? What is total revenue at
this price? What is marginal revenue at this price?
f. Suppose that the supply Curve of SCC is given by the equation QS
= -5,000 + 50P.What is the relationship between quantity supplied
and quantity demanded at a price of $300?
g. In this market, what is the equilibrium price and quantity?
In: Economics
•Drawing on the influences (determinants) of price elasticity of demand, explaining whether the demand for petrol in Australia is elastic or inelastic. Illustrate the effect of price drop on the total revenue of a petrol station.
•Part 1: explain whether demand for petrol is elastic or inelastic by exploring the determinants of price elasticity of demand.
•Part 2: explain and draw a graph on the impact of price rise on total revenue of a petrol station. You may draw a graph similar to those in figure 4.2 on page 106.
In: Economics