Equilibrium price and quantity for monthly sales

Assignment Help Basic Statistics
Reference no: EM132519451

Firm X is studying profitability of their new console. It costs this firm $5, 000, 000 + 100q^1.1 + 300q to produce q consoles per month.

Firm X has decided to price its console so that it takes a 5% loss on the variable costs of each console (and does not factor fixed costs into its pricing scheme at all, choosing to recoup that in other ways). They do so with the understanding that they can make up for that loss through licensing and game sales.

After conducting market research, they estimate that the monthly demand for the console is given by q = 400, 000 - 450p.

Find the equilibrium price and quantity for monthly sales of the console.

Reference no: EM132519451

Questions Cloud

Understanding of the economic meaning of demand : From a purely economic point of view, should the government impose price floors on wages, otherwise known as a minimum wage?
Topic - Green Energy is Clean energy : Topic - Green Energy is Clean energy. Is ethanol or diesel the optimum fuel to use regarding its environmental friendliness, energy efficiency and practicality
Business is poker game and we are all bluffing : Discuss why Goldman Sachs was a disciple of Albert Carr's theory of "business is a poker game and we are all bluffing."
What effect would on customer and on sales associate : Would you agree to record the sales of products before receiving the purchase order from the customer? What effect would it have on the customer
Equilibrium price and quantity for monthly sales : Find the equilibrium price and quantity for monthly sales of the console.
Improve the skills of human resource in pakistan : A market for human resource is in balance in Pakistan at a point where both supply and demand curves intersect each other. If the following factors
Produce leaflets of topics on ergogenic aids : You will be randomly allocated three topics on ergogenic aids, from which you need to produce leaflets of 700 words each
Create a guide that security personnel will use : Create a guide that security personnel will use that includes procedures for implementing an access control change. The procedure guide must contain the steps.
Rapid environmental changes on organizations : What is the impact of rapid environmental changes on organizations?

Reviews

Write a Review

Basic Statistics Questions & Answers

  A study of math 1530 students on the first day of class

a study of math 1530 students on the first day of class asked the question how many pairs of shoes do you own?here is

  A certain zoo is know to collect unusual animals from

a certain zoo is know to collect unusual animals from different animal groups. one ostrich specimen in the zoo weighs

  Statistical software analysis routine

Assuming that a statistical software analysis routine such as stat-crunch computed a p-value of 0.01635. What would be the true statement?

  Eight percent of families have both a mastercard and an

q1. in a city in italy 30 of the families have a mastercard 20 have an american express card and 25 have a visa card.

  Autocorrelation function of the form

A zero-mean Gaussian random signal has the autocorrelation function of the form γX(τ) = 10e-0.1|τ| cos 2πτ. Write the covariance matrix for the signal sampled at four time instants separated by 0.5 seconds.

  How many safety devices will be installed in each car

A car manufacturer is considering how many safety devices to install on a new car. The devices function independently and each one works with probability .9.

  What would be the beta of your portfolio

If I invested 90% of my wealth in the market portfolio and the remainder of your wealth elsewhere. What would be the beta of your portfolio?

  Tweets with a standard deviation

A sample of 196 Politicians found an average of 337 tweets with a standard deviation of 56 tweets. Find a t score.

  Pick out a pair for your business trip

You reach into the drawer in the dark and randomly pick out a pair for your business trip. What is the probability your pick out 1 yellow pair?

  Find the monthly payments and the total interest

Suppose that you borrow ?$10,000 for five years at 6?% toward the purchase of a car. Find the monthly payments and the total interest for the amortized loan.

  Are need for warranty repair and location of the company

each year ratings are compiled concerning the performance of new cars during the first 90 days of use. suppose that the

  Describe the properties of the positive correlation

Are each of the following pairs of variables likely to have a positive correlation or a negative correlation?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd