ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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The equation below represents a linear
all derivations in the spaces under the corresponding question.
l) Plot the demand function on the top set of axes: Qx = 80000 - 100P x . The
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- The following table shows worldwide sales of a certain type of cell phone and their average selling prices in 2012 and 2013. Year 2012 2013 Selling Price ($) Sales (millions) 928 1,144 375 335 (a) Use the data to obtain a linear demand function for this type of cell phone. (Let p be the price, and let q be the demand). q(p): -5.4p + 3185 X Use your demand equation to predict sales if the price is lowered to $255. 1808 x million phones (b) Fill in the blank. For every $1 increase in price, sales of this type of cell phone decrease by 5.4 million units.arrow_forwardPls answer it with step by step explanationarrow_forwardRevenue R from the sale of x units of a product is found by multiplying the price by the number of items sold. (a) Factor the right side of R = 200x - x². R = (b) What is the expression for the price of the item? The consumer expenditure, in dollars, for a commodity is the product of its market price, p, and the number of units demanded, x. Suppose that for a certain commodity, the consumer expenditure is given by 9,000p - 150p². (a) Factor this in order to find an expression for the number of units demanded. (Simplify your answer completely.) x = units (b) Use (a) to find the number of units demanded when the market price is $33. x = units A company's average cost per unit when x units are produced is defined to be Total cost Average cost = Χ Suppose a company's average costs are given by 6000 Average cost = +35+0.2x. X Express the average-cost formula as a single fraction. Average cost = 3arrow_forward
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