ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question

Find the market equilibrium point. Explain what will happen if the company decides to sell a pen at 8$.

3 2- For a pen company, the total cost of producing a pen is given by C(x) = −x³ + 8x² - 4x − 5, and the revenue function is given by R(x) = −x³ + 7x². The demand function for this product in the market is given by D(x) = −2x² + 8x and the corresponding supply function is given by S(x) = x²-x. The factory does not produce more than 15 pens in this process. a) What is the profit if 5 pens are sold? b) How many pens must be sold for the company to break even? c) Find the market equilibrium point. Explain what will happen if the company decides to sell a pen at 8$.
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Transcribed Image Text:3 2- For a pen company, the total cost of producing a pen is given by C(x) = −x³ + 8x² - 4x − 5, and the revenue function is given by R(x) = −x³ + 7x². The demand function for this product in the market is given by D(x) = −2x² + 8x and the corresponding supply function is given by S(x) = x²-x. The factory does not produce more than 15 pens in this process. a) What is the profit if 5 pens are sold? b) How many pens must be sold for the company to break even? c) Find the market equilibrium point. Explain what will happen if the company decides to sell a pen at 8$.
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Step 1: Defining Market Equilibrium.
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