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How are profits affected

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Reference no: EM131579778

Question: In Exercise if the government applies a luxury tax of 20% per coat, how are profits affected?

Exercise: A fur dealer finds that when coats sell for $4000, monthly sales are 6 coats. When the price increases to $5000, the demand is for 5 coats. Assume that the demand equation is linear.

(a) Find the demand and revenue equations.

(b) If overhead is $2500 per month and the production cost per coat is $2000, find the cost equation and profit equation.

(c) Find the level of production that maximizes profit.

Reference no: EM131579778

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