Determine the price to maximize profit, Operation Management

Assignment Help:

The Hickory Cabinet and Furniture Company has decided to concentrate on the production of chairs. The fixed cost per month of making chairs is $7,500, and the variable cost per chair is $40. Price is related to demand according to the following linear equation-

v = 400 - 1:2p

Where v is the demand and p is the price. Develop the nonlinear profit function for this company and determine the price that will maximize profit, the optimal volume, and the maximum profit per month


Related Discussions:- Determine the price to maximize profit

Computer the schedule variance schedule performance index, A project to bui...

A project to build a new bridge seems to be going very well since the project is well ahead of schedule and costs seem to be running very low. A major milestone has been reached wh

Key performance objectives of operation strategy, Key Performance Objective...

Key Performance Objectives of Operation Strategy There is broad consensus that supports the view that operational competitive priorities which satisfy customers such as price

Explain what is the expected value with perfect information, ABC Company, a...

ABC Company, a soft-drink vendor, has created a table of payoffs for three stocking decisions for three different states of nature: States of nature (Demand) Alternatives He

History.., The historical development of operation management.

The historical development of operation management.

Detrmine the economic order quantity, Question: (a) ‘Stock is often sa...

Question: (a) ‘Stock is often said to be the biggest evil in any business, yet firms still keep stocks.' Discuss the reasons for keeping stocks. (b) Discuss the main c

Explain a specific example of the trade-offs, Describe a specific example o...

Describe a specific example of the trade-offs between any two of the competitive dimensions.

Process charts - process design, Process Charts - Process Design The ...

Process Charts - Process Design The process flow chart is probably the most commonly used means of recording, and comes in several variants. Each of them uses some, or all, o

Define mathematics tends to lull the unsuspecting, C.W. Churchman once said...

C.W. Churchman once said that "mathematics tends to lull the unsuspecting into believing that he who thinks elaborately thinks well." Do you think that the best QA models are the o

Explain when developing your communication strategy, Why should you conside...

Why should you consider the context of your message when developing your communication strategy? Identify four questions you should ask yourself to help you understand the context

Explain downward communication, Explain Downward communication. Downwa...

Explain Downward communication. Downward communication: It moves downward in an organisation. The formal communication in between a subordinate and superior where the superio

Write Your Message!

Captcha
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