Question

If the cost function (in thousands of dollars) for a product is C(x) = 56x+182 (where...

If the cost function (in thousands of dollars) for a product is C(x) = 56x+182 (where x represents thousands of the product), and the price function in p = 256-50x, what price and quantity will maximize profit? What will this profit be? (Hint Profit = Revenue - Cost)

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The total revenue function for a certain product is given by R=590x dollars, and the total...
The total revenue function for a certain product is given by R=590x dollars, and the total cost function for this product is C=15,000 +50x + x squared 2 dollars, where x is the number of units of the product that are produced and sold. a. Find the profit function. b. Find the number of units that gives maximum profit. c. Find the maximum possible profit.
The weekly demand function for x units of a product sold by only one firm is...
The weekly demand function for x units of a product sold by only one firm is p = 400 − 1/2x dollars, and the average cost of production and sale is C = 100 + 2x dollars. (a) Find the quantity that will maximize profit. units (b) Find the selling price at this optimal quantity. $  per unit (c) What is the maximum profit? $ The weekly demand function for x units of a product sold by only one firm is...
If the total cost function for a product is C(x) = 9(x + 3)^3 dollars, where...
If the total cost function for a product is C(x) = 9(x + 3)^3 dollars, where x represents the number of hundreds of units produced, producing how many units will minimize average cost? a) x= ? b) Find the minimum average cost per hundred units.
If the total cost function for a product is C(x) = 8(x + 5)3 dollars, where...
If the total cost function for a product is C(x) = 8(x + 5)3 dollars, where x represents the number of hundreds of units produced, producing how many units will minimize average cost? x = hundred units Find the minimum average cost. (Round your answer to two decimal places.) dollars per hundred units
5) The cost per unit of producing a product is 60 + 0.2x dollars, where x...
5) The cost per unit of producing a product is 60 + 0.2x dollars, where x represents the number of units produced per week. The equilibrium price determined by a competitive market is $220. How many units should the firm produce and sell each week to maximize its profit? b) What is the maximum profit?
The weekly demand function for x units of a product sold by only one firm is...
The weekly demand function for x units of a product sold by only one firm is p = 300 − 1 2 x dollars, and the average cost of production and sale is C = 200 + 2x dollars. (a) Find the quantity that will maximize profit. units (b) Find the selling price at this optimal quantity. $  per unit (c) What is the maximum profit?
The weekly demand function for x units of a product sold by only one firm is...
The weekly demand function for x units of a product sold by only one firm is p = 600 −1/2x dollars , and the average cost of production and sale is C = 300 + 2x dollars. (a) Find the quantity that will maximize profit. units (b) Find the selling price at this optimal quantity. $ per unit (c) What is the maximum profit? $
The weekly demand function for x units of a product sold by only one firm is...
The weekly demand function for x units of a product sold by only one firm is p = 800 − 1 /2 x dollars, and the average cost of production and sale is C = 300 + 2x dollars. (a) Find the quantity that will maximize profit_____ units (b) Find the selling price at this optimal quantity. $_____ per unit (c) What is the maximum profit?________
The revenue and cost functions for a particular product are given below. The cost and revenue...
The revenue and cost functions for a particular product are given below. The cost and revenue are given in dollars, and x represents the number of units . R(x) = −0.2x2 + 146x C(x) = 66x + 7980 (a) How many items must be sold to maximize the revenue? (b) What is the maximum revenue? (c) Find the profit function. P(x) =   −.2x2+212x+7980 (d) How many items must be sold to maximize the profit? (e) What is the maximum profit?...
If C(x) = 14000 + 600x − 0.6x2 + 0.004x3 is the cost function and p(x)...
If C(x) = 14000 + 600x − 0.6x2 + 0.004x3 is the cost function and p(x) = 1800 − 6x is the demand function, find the production level that will maximize profit. (Hint: If the profit is maximized, then the marginal revenue equals the marginal cost.)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT