Answered: the total profit in dollars on the sale…

Business

Economics

the total profit in dollars on the sale of item

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: ompute the MRTS for this production function: Y (K,L) = 2K+5L

A: MRTS also known as the marginal rate of technical substitution is actually the rate at which…

Q: Consider production function f(L, K) = 10VLK and input prices w :10,r = 90.

Q: The processing time for each activity is given as follows: Processing time per customer 2 seconds 30…

A: *Answer: Processing time of bottleneck activity = 60 seconds Capacity per hour = (1*Number of…

Q: Given the Equation: Q = K^.50OL^.50 If the function is F(25,49), What is the maximum quantity of…

A: Production means raw material is converted into finished goods. It means various inputs are used…

Q: Suppose the production function for good q is given by q = (k+1)¹/2 where k and I are capital and…

A: Diminishing marginal productivity refers that as we increase the amount of input, the additional…

Q: Marginal Revenue for an Apartment Complex Lynbrook West, an apartment complex, has 100 two-bedroom…

A: When one extra unit is sold in the market, the seller earns extra revenue and that addition to the…

Q: Given the following cost functions: TC=100+60Q-3Q2+0.1Q3 TC=100+ 60Q+3Q2 TC=100 + 60Q Compute…

A: Since you have posted multiple questions so as per the answering guidelines, I have solved the first…

Q: 4. The production function for puffed rice is given by q = 100\KL, where q is the number of boxes…

A: The production function is given by q = 100KL Where,The quantity of boxes is represented by qCapital…

Q: A firm knows that its marginal cost for a product is MC = 3x + 30, that its marginal revenue is MR =…

A: Profits are the excess of the revenue receipts over the costs incurred by a firm. To determine the…

Q: In this problem, p is in dollars and x is the number of units. The demand function for a product is…

A: Equilibrium of market is achieved when demand for goods and services are equal to supply for goods…

Q: 2.The monthly revenue function for a company is R(x) = x(-0.25x +7.5x+ 18.75). The revenue is in…

A: According to the question, given that the revenue function R(x) = x (-0.25x^2 + 7.5x + 18.75) So…

Q: A factory makes bicycle tires. The cost, C, in dollars and revenuue in dollars, R, are both…

A: Costs are the expenses that a firm incurs in the form of purchase of inputs to produce goods and…

Q: The output (Q) of a production process is a function of two inputs (L and K) and K is given by the…

A: Answer: Given, Production function: Q=0.50LK-0.10L2-0.05K2 Per unit price of L PL=$20Per unit price…

Q: Find the derivative and simplify. y = (8x+7)(x² - 3x). y' = Find the derivative and simplify. f'(x)…

A: 1: 2: 3:b) The instantaneous rate of change of the function is also y' at x=−3 it is 234. Hope…

Q: (a) The revenue from selling q items is R(q) = 50q - q 2 and the total cost is C(q) = 15 + 10q i.…

A: Given: R(q) = 50q - q2C(q) = 15 + 10q (i) Fixed cost is that component of total cost function that…

Q: function for the lightweight compasses is given by p = 40 – 4q where q is the number of lightweight…

A: (i) The profit is the extra revenue earned by the firm which exceeds its production cost. Its…

Q: Suppose f(x1, x2)= x1 1/3x21/2,w₁=w2=1,for pr ofit maximization, what is the long-run cost function?…

A: Given Production function: fx1,x2=x11/3x21/2 ........(1) Input prices are w1= w2 = 1 We…

Q: company has determined that its prodor for a product can be described by linear function. The profit…

A: Definition of Breakeven - The level of output at which profit levels is zero or the total cost is…

Q: Consider a market with Qd= 50 - P and Q = 4P What is the consumer surplus in this market? 500 800…

A: SummaryFor the consumer surplus:The answer is 800.For the labor-capital combination:The answer is…

Q: It is estimated that a grocer’s daily profit from the sale of two brands of cherry juice is given by…

A: We are going to find the stationary points to classify further whether these values provide maxima…

Q: You are the manager of a firm and you are required to optimize the Cobb- Douglas function given the…

A: Lagrangian is : q + λ ( M - PK*K - PL*L) where, q is the output function M is the income PK is the…

Q: Suppose that a furniture manufacturer produces tables. The manufacturer's production function is…

A: Cost minimizing is a process where firm chooses their desired level of output and using optimal…

Q: Given that f(x) = b^x for b > 0, determine the values of b that will make the function f an…

A: This can be described as a concept that shows when an individual, firm, or any entity uses an…

Q: C&A Fast Food has four activities in serving a customer: greet customer, take order, process order,…

A: The bottleneck activity, which has the longest processing time out of the four, will decide the…

Q: Suppose that the total cost (in dollars) for a product is given by C(x)=1300+ 160 In(2x + 1) where x…

A: Given:Total cost: C (x) = 1,300 + 160ln(2x + 1) (a) MC = 320 / (2x + 1)Derive the MC from the total…

Q: The average cost per item to produce q items is given by a(q) = 0.3q2 -0.7 q + 11 for…

Q: A firm knows that its marginal cost for a product is MC = 4x + 20, that its marginal revenue is MR =…

A: At the equilibrium, marginal cost (MC) matches with marginal revenue (MR), that is, MR=MC.

Q: What are the functions for MC and AC if TC = 100q + 100q2? Are the returns to scale increasing,…

A: The total cost function: Marginal cost is the rate of change in cost as output changes. It is…

Q: Isoquant curves Gym requires exactly 3 bottles of water per athlete to maximise performance…

A: Introduction Isoquant curve : Isoquant curve represents all the inputs combinations of two…

Q: A linear revenue function is R = 86x. (Assume R is measured in dollars.) (a) What is the slope m? m…

A: R = 86xm = 86This is in the slope-intercept form. y=mx+b, where m is the slope and b is the…

Q: What would the value C(75) represent in this context? B. Is function Cincreasing or decreasing? What…

A: C is the cost of the rental car in dollars and it a function of the miles driven in a day or the…

Q: A small company produces organic cookies. When the price is $6.00 per dozen, the average daily sales…

Q: Suppose that for a company manufacturing calculators, the cost, revenue, and profit equations are…

Q: 1/3 „1/3 Farmer Joe's production function is f(x1,x2) = x;^x°, where x¡ is the number of pounds of…

A: Marginal Cost = dTC/dQ where Q is the quantity.

Q: The Retread Tire Company recaps tires. The fixed annual cost of the recapping operation is $60,000.…

A: The breakeven point is a financial concept that refers to the level of sales or production at which…

Q: 8. A community theater uses the function P(d) = (-4d+40) (d-40) to model the profit (in dollars)…

A: The excess of total revenue earned from the sale of a commodity over the total cost incurred on its…

Question

Suppose that a function P(x) gives the total profit in dollars on the sale of items. Interpret the meaning of MP * (106) = 840

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!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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

The total revenue function for a product is given by R=655x dollars, and the total cost function for this same product is given by C=19,250+70x+x2, where C is measured in dollars. For both functions, the input x is the number of units produced and sold. a. Form the profit function for this product from the two given functions. b. What is the profit when 25 units are produced and sold? c. What is the profit when 43 units are produced and sold?
To produce the next popular toy, a company has to pay a factory $250, 000 to set up the production line. They also have to pay $25 per item for the raw materials and labor. Write function for the average cost to produce x items. Then describe what happens to the average cost as the factory produces a large number of toys.
The 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.)
2) The cost price of a Saturn is $13 000. When the dealer sells each car for $25 000, he sells 21 cars per month. For each reduction of $1000 in the selling price, the dealer sells 3 more cars each month. a) Determine the Profit equation for this function. b) Explain how the profit function was determined. Explain each variable. c) Determine the selling price of a car for maximum monthly profit.
l
Assume that it costs a company approximately C(x) = 400,000 + 180x + 0.001x² dollars to manufacture x smartphones in an hour. (a) Find the marginal cost function. Use it to estimate how fast the cost is increasing when x = 10,000. $ per smartphone Compare this with the exact cost of producing the 10,001st smartphone. The cost is increasing at a rate of $ per smartphone. The exact cost of producing the 10,001st smartphone is $ Thus, there is a difference of $ (b) Find the average cost function C and the average cost to produce the first 10,000 smartphones. C(x) C(10,000) $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 10,000 smartphones. The marginal cost from (a) is ---Select--- O than the average cost from (b). This means that the average cost is ---Select--- O at a production level of 10,000 smartphones.