There is an oil change firm in town called Oil Pro. The total cost function for Oil Pro is below. What is the break-even price in this market? TC=125+5q^2 A) P=60 B) P=50 C) P=40 D) P=30
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- 14.The demand function for a new product is p(x) = - 2x + 7 , where p is the selling price of the product and x is the number sold in thousands. The cost function is C(x) = x + 2 . a) Determine an equation for the profit, in standard form and in function notation. b) How many units must be sold for the company to break even?Suppose the demand for a certain brand of a product is given by D(p) = + 300, where p is the price in dollars. If the price, in terms of the cost c, is expressed as p(c) = 4c - 36, find the demand function in terms of the cost. D(c) =Suppose that the cost of producing q appliances is C(q) = 500 – 4q + q? and the demand function is given by p = 14 – 2 q. The quantity that minimizes the average cost function and the corresponding price are g= 22.36 and p= -30.72 a) Why the corresponding price is negative? explain The maximum profit would be -473 b) Why the maximum profit is minus? explain what happens
- A profit-maximizing firm in a competitive market is currently producing 90 units of output. It has average revenue of $6, average total cost of $6, and fixed cost of $270. Complete the following table by indicating the firm's profit, marginal cost, and average variable cost. Profit Marginal Cost Average Variable Cost (Dollars) (Dollars) (Dollars) The efficient scale of the firm must be 90 units.The market for smart thermostats has grown increasingly competitive. Producers of smart thermostats all rely on the same technology and face the same costs. The cost function for a smart thermostat producer is given by the following function: c(y)=-10y+2003 where y stands for the number of smart thermostats produced and sold in a month. 2nd attempt Suppose the market demand for smart thermostats in any month is given by QD = 305 - p. In the long-run equilibrium, we would expect to find firms in the industry. See HintGiven Cost and Price (demand) functions C(q) = 110q + 45000 and p(q) = - 2.8q + 800, what profit can be earned if the price is set to be $550 per item? U The profit is $ 1,?9 (Round to the nearest cent.) A company produces a special new type of TV. The company has fixed costs of $499,000, and it costs STT00 to produce each TV. The company projects that if it charges a price of $2300 for the TV, it will be able to sell 850 TVs. If the company wants to sell 900 TVs, however, it must lower the price to $2000. Assumo a linear demand. What is the marginal profit if 200 TVs are produced It is $ 0 per item. (Round answer to nearest dollar.)
- A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500 per day when producing 15 sinks. The company has a daily demand function of q = 360 − p, where q is the number if laundry sinks demanded and p is te price of a laundry sink. (b) Find a function for the average cost of this company?Question 6. A producer can produce 2500 units of wood parts per day at a plant located in USA. The steady demand for wood parts is 500 units per day. The set up cost for the equipment to the company is $ 50.00. The annual carrying cost for the wood part is $ 1.00 per unit. The facility operates 200 days a year: a) Calculate the optimal run size b) Average inventory c) Total cost of carrying + ordering per year d) The numbers of production run per year e) Length of a production run in daysThe manufacturer of smart printers is trying to decide what price to set for its product. The demand and cost function are assumed to be as follows: P = 80 -2Q TC= 160 +50Q-1.5Q ² What price should it charge if it wants to maximize its revenue in the short run? What is the optimal quantity for the printer under this price? No handwriting. Please. Type
- The variable cost to make a certain product is $71 per unit. Research indicates that the lowest price no one will pay for this product is $156. Calculate optimal price for this product. (Rounding: penny.)What is the demand function and cost function based on the set of data below? Price Quantity Profit $50 88 -$240 $25 289 -$240 $80 -$2000 $52 148 $1256 $51 143 $1003 $55 103 $575There is an oil change firm in town called Oil Pro. The total cost function for Oil Pro is below. What is the break-even price in this market? TC = 125 + 5q? P = 30 P = 40 P = 50 P = 60