ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Second Version: A firm is manufacturing widgets. There are no fixed costs, and the variable cost c to manufacture one widget is $3.5. Through market research, the firm has determined the following sales response function: At a price of p. they will sell q = (10,000 - 4,000p) widgets. %3D What is the profit-maximizing price (in dollars) that they should charge for one widget?
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Transcribed Image Text:Second Version: A firm is manufacturing widgets. There are no fixed costs, and the variable cost c to manufacture one widget is $3.5. Through market research, the firm has determined the following sales response function: At a price of p. they will sell q = (10,000 - 4,000p) widgets. %3D What is the profit-maximizing price (in dollars) that they should charge for one widget?
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