Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN: 9781305506381
Author: James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher: Cengage Learning
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Chapter B, Problem 3E
To determine
To differentiate
To determine
To differentiate
To determine
To differentiate
To determine
To differentiate
To determine
To differentiate
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find AC using TC = 4Q+Q2
Differentiate the following functions: a. TC = 50 + 100Q - 6Q2 + .5Q3 b. ATC = 50/Q + 100 - 6Q + .5Q2 c. MC = 100 - 12Q + 1.5Q2 d. Q = 50 - .75P e. Q = .40X1.50
QUESTION 1
Owners of a car rental company have determined that if they charge customersp dollars
per day to rent a car, where 50
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Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
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- Complete all of the following definitionsarrow_forwardIt is known that a certain company sells each kg of the product it manufactures at $80, it is also known that the total manufacturing cost "CT" is given by the function CT=(1/1000)x2 +100 , where "x" are the kg of product produced. a) How many units of "x" must the company sell to break even? Value = 100 points.b) How many units of "x" is the optimal quantity that should be sold to optimize the producer's profit? Value = 100 points.c) How many monetary units does that optimal profit for producers amount to? (remember, you will have to prove it mathematically either by the method of the first or by the method of the second derivative). Value = 100 points.arrow_forwardR(x)= -0.956x^2 + 157x C(x)= 50.8x + 73.4 P(x)= R(x) - C(x) P(x)= -0.956x^2 + 106.2x - 73.4 What are the break-even points? What is the profit at the break-even points? What number of widgets sold will yield positive profit? Determine the number of widgets that you should try to sell in order to maximize profit. What is the maximum profit?arrow_forward
- The profit of a company, in dollars, is the difference between the company's revenue and cost. The cost, C(x), and revenue, R(x), are functions for a particular company. The x represents the number of items produced and sold to distributors. C(x)=-2300+40x R(x)=840x-x² a) Determine and simplify the profit function. Write your answer in descending order. P(X)-arrow_forwardCost, revenue, and profit are in dollars and x is the number of units. A firm knows that its marginal cost for a product is MC = 2x + 25, that its marginal revenue is MR = 73 – 6x, and that the cost of production of 80 units is $8,560. (a) Find the optimal level of production. units (b) Find the profit function. P(x) = (c) Find the profit or loss at the optimal level. There is a -Select--- v of $arrow_forwardQ#3: XYZ construction are manufactures of slabs and are the major suppliers for orange train in Lahore. XYZ is manufacturing two types of slabs. The cost for these two types of slabs are $175 and $225, respectively. XYZ current production capacity is 200 slabs (both types). Because of the urgency of the need, government of the Punjab would pay the manufacture a bonus of $50,000 plus an additional $25 for each of the unit greater than 200. Determine the function which determine the sales of the number of slabs provided of each type by XYZ construction. What is the expected profit if XYZ is manufacturing 150 slabs of type 1, and 250 slabs of type ILarrow_forward
- Cost, revenue, and profit are in dollars and x is the number of units. A firm knows that its marginal cost for a product is MC = 3x + 30, that its marginal revenue is MR = 62 − 5x, and that the cost of production of 60 units is $7,300. (a) Find the optimal level of production. units (b) Find the profit function. P(x) = (c) Find the profit or loss at the optimal level. There is a ---Select--- profit loss of $ .arrow_forwardA company has determined that its prodor for a product can be described by linear function. The profit from the production and sales of the 150 units is $455, and the profit from 250 units is $895 1. What is the average rate of change of the profit for the product when between 150 and 250 units are sold? 2. Write the equation of the profit function for this product? 3. How many units give break-even for this product?arrow_forwardA company produces and sells a consumer product and is able to control the demand for the product by varying the selling price. The approximate relationship between price and demand is p= 200-0.05D where p is the price per unit in dollars and D is the demand per month. The company is seeking to maximize its profit. The fixed cost is $15000 per month and the variable cost is $50 per unit. a. What is the number of units that should be produced and sold each month to maximize profit? b. What is the domain of profitable demand during a month? Show your spreadsheet.arrow_forward
- Use the functions given below to solve the problem. C(x) represents the cost, in dollars, of x units of a product and R(x) represents the revenue, in dollars, from the sale of x units. Find the number of units that must be produced and sold in order to break even, C(x) = 72,000 + 43x and R(x) = 47x The number of units that must be produced and sold in order to break even is units.arrow_forwardYou manufacture ceramic lawn ornaments. After several months your accountant tells you that your profit P(n) can be modeled by the function P(n)= -0.002n^2+5.2n-1208 where n is number of ornaments sold each month. A) How many ornaments must you make and sell to break even. B) How many ornaments must you make and sell to maximize profit. C) What is the maximum profit. D) How many ornaments must you make and sell in order to earn a profit of $1657.arrow_forwardThe total profit P(x) (in thousands of dollars) from the sale of x hundred thousand pillows is approximated by P(x) = -x° + 12x + 144x – 400, x25. Find the number of hundred thousands of pillows that must be sold to maximize profit. Find the maximum profit. The maximum profit is $ The maximum profit will occur when pillows are sold.arrow_forward
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