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The demand for the product is p = 70-0.7x where x is the quantity for the item sold a $p dollars per piece. Determine the revenue function and the domain of the function. What price should the company charge to obtain the largest revenue? What is the maximum revenue? Find the marginal revenue function. Find the marginal revenue function evaluated at x = 20. Taking into account storage and shipping, it costs p = C(x) = 100 + 11.25x dollars to sell x of the product. Find the average cost function and the marginal average cost function. Explain the difference between the two. Find the cost, average cost, and marginal average cost for 20 items. Explain the difference in meaning of these values. Find the profit function. Explain how you found the profit function. What price should the company charge to get the largest profit? How did you determine this price? What is the maximum possible profit? How do you know for sure the profit is maximized? By comparing the price you obtained for maximum revenue with the price you obtained for maximum profit, please explain any difference between the two and the reason for the difference. You must show all work using calculus techniques.
Compute the price of the machine, which will make purchasing or leasing to be equally costly.
If income elasticities are equal for all goods, then all Mashallian demand functions must be downward sloping.
Describe what will happen to total revenue in the following situations: Price decreases and demand is elastic. Price decreases and demand is inelastic. Price increases and demand is elastic
What would be price and profit levels would prevail based on the assumption that a new entry into the local market results in competitive market pricing.
Where Yp is potential GDP, Y is real GDP in billion of dollars and P is GDP deflator. By how much overall should the government expenditures change to achieve potential GDP level if MPC=0.8? Calculate the size of inflation/deflation associated with t..
In a Price Taker market, with a total fixed cost =$200 Also given Output per month (3) tons, Total Cost = 1550, Price per ton = 500,. How would I calculate (and what formula would I use for each), Marginal Cost (MC), Average Variable Cost (AVC), Aver..
Eggebeen et al. (2010) found that men who at some point in their lives as fathers are more likely to have altruistic social relationships and be involved in community service organizations. The result was reported in the popular press (Jacobs 2009) a..
If the company expects to spend $50,000 in the first year of this improvement program, how much of a yearly increase in the cost of the program is the company expecting?
Rumors and discussions lead me to believe that the fed will increase interest rates early this fall. I've also heard and read that we NEED to increase our rates now to be prepared for the next economic down-turn. What does this all mean? How will thi..
The following table lists the name, gender, height and reservation wage of 10 persons willing to work as firefighters in Timber Creek. What is the lowest wage that Timber Creek must pay to hire five firefighters? You answered the question $380/week (..
Suppose Ann’s utility function is defined as: u(c) = ln(c) . For her birthday, Ann’s father offers her the choice of either a lottery ticket that is worth $1 with probability .99 and worth $100,000 with probability .01 or $500 cash. What is the expec..
Imagine that 50-year-old men can be divided into two groups: those who have a family history of cancer and those who do not. For the purposes of this example, say that 20% of a group of 1,000 men have a familyhistory of cancer, If the insurance compa..
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