Explanation Given information: The table shows the cost C ( q ) and the revenue R ( q ) . Q 0 500 1000 1500 2000 2500 3000 R(q) 0 1500 3000 4500 6000 7500 9000 C(q) 3000 3800 4200 4500 4800 5500 7400 Formula used: The profit π ( q ) is the difference between the revenue, R ( q ) , and the cost, C ( q ) , of supplying that quantity. ⇒ π ( q ) = R ( q ) − C ( q ) Calculation: To determine (b) To find: The price of the product. To determine (c) To find: The fixed costs.

6th Edition

ISBN: 9781119399353

Author: DA

Publisher: JOHN WILEY+SONS,INC.-CONSIGNMENT

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Question

Chapter 4.4, Problem 8P

To determine

(a)

To find:

The production level, q, at which the profit maximized.

To determine

(b)

To find:

The price of the product.

To determine

(c)

To find:

The fixed costs.

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Chapter 4.4, Problem 7P

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Chapter 4 Solutions

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(a) To find: The production level, q, at which the profit maximized.

Solution Summary: The author calculates the profit for each production level in the following table. The maximum profit is pi (q)=2000.

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(a) To find: The production level, q, at which the profit maximized.

(b) To find: The price of the product.

(c) To find: The fixed costs.

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Chapter 4 Solutions

(a)

To find:

The production level, q, at which the profit maximized.

(b)

To find:

The price of the product.

(c)

To find:

The fixed costs.