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

Transcribed Image Text:For the following marginal revenue function
MR (Q) = 790 – 0.01 Q
Assuming that the marginal cost function is:
MC (Q) = 298 + 0.05 Q
Calculate the profit maximizing quantity, Q*
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- A company produces very unusual CD's for which the variable cost is $ 15 per CD and the fixed costs are $ 50000. They will sell the CD's for $ 79 each. Let a be the number of CD's produced. Write the total cost C as a function of the number of CD's produced. C =$ Write the total revenue R as a function of the number of CD's produced. R=$ Write the total profit P as a function of the number of CD's produced. P=$ Find the number of CD's which must be produced to break even. The number of CD's which must be produced to break even is Question Help: Video Submit Questionarrow_forwardA firm can produce 100 units per week. If its total cost function is C = 400 + 1000x dollars and its total revenue function is R = 1100x – x? dollars, how many units, x, should it produce to maximize its profit? units Find the maximum profit. $arrow_forwardMaximizing Profits The weekly demand for the Pulsar 40-in. high-definition television is given by the following demand equation where p denotes the wholesale unit price in dollars and X denotes the quantity demanded. p=-0.05x+622 (0 ≤ x ≤ 12000) The weekly total cost function associated with manufacturing these sets is given by the following function where C(x) denotes the total cost incurred in producing x sets. C(x)=0.000002x³-0.01x² +400x + 80000 Find the level of production that will yield a maximum profit for the manufacturer. Hint: Use the quadratic formula. (Round your answer to the nearest whole number.) unitsarrow_forward
- For the cost and price functions below, find a) the number, q, of units that produces maximum profit; b) the price, p, per unit that produces maximum profit; and c) the maximum profit, P. C(q) = 70+ 14q; p = 70-2q a) The number, q, of units that produces maximum profit is q = b) The price, p, per unit that produces maximum profit is p = $ c) The maximum profit is P = $arrow_forwardThe marginal revenue (in thousands of dollars) from the sale of x handheld gaming devices is given by the following function. R'(x) = 4x (x²+25,000) (a) Find the total revenue function if the revenue from 120 devices is $34,166. (b) How many devices must be sold for a revenue of at least $50,000? (a) The total revenue function is R(x), given that the revenue from 120 devices is $34,166. (Round to the nearest integer as needed.) (b) devices must be sold to generate a revenue of at least $50,000 (Type a whole number.)arrow_forwardp=D(x)=71.5−0.02xp=D(x)=71.5−0.02x dollars. The total cost for these coffee makers is given by C(x)=0.05x2+5.5x+6200C(x)=0.05x2+5.5x+6200 dollars. Determine the marginal profit for 118 coffee makers.arrow_forward
- Consider the following total revenue function for a hammer. R 44x 0.01x2 (a) The sale of how many hammers, x, will maximize the total revenue in dollars? x = 2200 hammers Find the maximum revenue. $48400 (b) Find the maximum revenue if production is limited to at most 1200 hammers. $ If the total revenue function for a computer is R(x) = 1000x - 35x2-x³, find the level of sales, x, that maximizes revenue and find the maximum revenue in dollars. x = R(x) = $ computers If the total cost function for producing x lamps is C(x) = 3240 + 37x+ 0.9x2 dollars, producing how many units, x, will result in a minimum average cost per unit? units Find the minimum average cost per unit. $ If the total cost function for a product is C(x) = 10+ 0.1x2 dollars, producing how many units, x, will result in a minimum average cost per unit? x= units Find the minimum average cost per unit. $ Find the derivative of the function. f(x) = ex-xearrow_forwardFind the average cost function if cost and revenue are given by C(x) = 170 + 3.6x and R(x) = 5x - 0.01x. The average cost function is C(x) =.arrow_forwardIf the marginal revenue in dollars per unit for a month is given by MR= −0.04x + 36, find the total revenue function provided that R(0)= 25arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education


Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON

Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning

Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education