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. What is the profit-maximizing price (in dollars) that they should charge for one widget?

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. What is the profit-maximizing price (in dollars) that they should charge for one widget?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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