ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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**Cost and Price Functions**

Given Cost and Price (demand) functions \( C(q) = 110q + 45000 \) and \( p(q) = -2.8q + 800 \), what profit can be earned if the price is set to be $550 per item?

- The profit is $__________.
  (Round to the nearest cent.)

---

**Company Production Analysis**

A company produces a special new type of TV. The company has fixed costs of $499,000, and it costs $1100 to produce each TV. The company projects that if it charges a price of $2300 for the TV, it will be able to sell 850 TVs. If the company wants to sell 900 TVs, however, it must lower the price to $2000. Assume a linear demand.

- What is the marginal profit if 200 TVs are produced?

- It is $__________ per item.
  (Round answer to nearest dollar.)
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Transcribed Image Text:**Cost and Price Functions** Given Cost and Price (demand) functions \( C(q) = 110q + 45000 \) and \( p(q) = -2.8q + 800 \), what profit can be earned if the price is set to be $550 per item? - The profit is $__________. (Round to the nearest cent.) --- **Company Production Analysis** A company produces a special new type of TV. The company has fixed costs of $499,000, and it costs $1100 to produce each TV. The company projects that if it charges a price of $2300 for the TV, it will be able to sell 850 TVs. If the company wants to sell 900 TVs, however, it must lower the price to $2000. Assume a linear demand. - What is the marginal profit if 200 TVs are produced? - It is $__________ per item. (Round answer to nearest dollar.)
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