Question

The marketing department of a business has determined that the demand for a product can be...

The marketing department of a business has determined that the demand for a product can be modeled by p = 50/x. The cost of producing x units is given by c(x)= .5x+500. What price will yield a maximum profit?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The marketing department of a business has determined that the demand for a product can be...
The marketing department of a business has determined that the demand for a product can be modeled by p = 24 √ x , where p is the price per unit (in dollars) and x is the number of units. The cost (in dollars) of producing x units is given by C = 0.5x + 500. What price will yield a maximum profit?
1. A. The Cobb-Douglas production function, f(x,y)=40x^1/4y^3/4, describes the production of a company for which each...
1. A. The Cobb-Douglas production function, f(x,y)=40x^1/4y^3/4, describes the production of a company for which each unit of labor costs $100 and each unit of capital costs $125. For a new project, the company has allocated $60,000 for labor and capital. Find the amount of money that the company should allocate to labor and capital to maximize production. B. The marketing department of a business has determined that the demand for a product can be modeled by p=(50/(square root of...
Your marketing department has determined that the price you can expect to sell the appliances for...
Your marketing department has determined that the price you can expect to sell the appliances for is approximated by the demand curve p =400e^( –0.0006D) + 75. Your setup cost to produce up to 10000 appliances per month is $50,000 and the incremental cost per appliance is $50. Plot profit as a function of demand and determine the optimal value of demand.
1. Suppose you’re given the following: a) the demand equation p for a product, which is...
1. Suppose you’re given the following: a) the demand equation p for a product, which is the price in dollars, and x is the quantity demanded b) C(x), which is the cost function to produce that product c) x ranges from 0 to n units Q. Describe briefly how you would maximize the profit function P(x), the level of production that will yield a maximum profit for this manufacturer.
A commodity has a demand function modeled by p = 103 − 0.5x and a total...
A commodity has a demand function modeled by p = 103 − 0.5x and a total cost function modeled by C = 30x + 31.75, where x is the number of units. (a) What price yields a maximum profit? (b) When the profit is maximized, what is the average cost per unit? (Round your answer to two decimal places.)
2) Product price (p) and demand (D) are typically related linearly. Company A has performed extensive...
2) Product price (p) and demand (D) are typically related linearly. Company A has performed extensive market research to develop a better relationship. They determined that the selling price of a product, p, is related to the demand for their product, D, in accordance with the following improved relationship P= 92.5 – 0.09 (D^1.1) (in dollars) Demand is given in units per year. In addition, there is a fixed cost of $40,000 per year and a variable cost of $40...
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...
Revenue A small business assumes that the demand function for one of its new products can...
Revenue A small business assumes that the demand function for one of its new products can be modeled by p = Cekx. When p = $40, x = 800 units, and when p = $30, x = 1500 units. (a) Solve for C and k. (Round C to four decimal places and k to seven decimal places.) C = k = (b) Find the values of x and p that will maximize the revenue for this product. (Round x to...
The marketing research department of a computer company used a large city to test market the...
The marketing research department of a computer company used a large city to test market the firm’s new laptop. The department found that the relationship between price p (dollars per unit) and the demand x (units per week) was given approximately by p=1,296-0.12x^2 0≤x≤80) So, weekly revenue can be approximated by R(x)=xp=1,296x-0.12x^3 Find all critical numbers of the function, then use the second-derivative test on each critical number to determine if it is a local maximum or minimum in order...
The demand function for a monopolist's product is p=1300-7q and the average cost per unit for...
The demand function for a monopolist's product is p=1300-7q and the average cost per unit for producing q units is c=0.004q2-1.6q+100+5000/q -Find the quantity that minimizes the average cost function and the corresponding price. Interpret your results. -What are the quantity and the price that maximize the profit? What is the maximum profit? Interpret your result.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT