Question

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?

Math   Algebra   
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 price of a product in a competitive market is $500. If the cost per unit...
The price of a product in a competitive market is $500. If the cost per unit of producing the product is 140 + 0.1x dollars, where x is the number of units produced per month, how many units should the firm produce and sell to maximize its profit? units
If the daily cost per unit of producing a product by the Ace Company is 5...
If the daily cost per unit of producing a product by the Ace Company is 5 + 0.1x dollars, and if the price on the competitive market is $50, what is the maximum daily profit the Ace Company can expect on this product?
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
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.
The Mary Ellen Candy Company produces chocolate Easter bunnies at a cost per unit of 0.40...
The Mary Ellen Candy Company produces chocolate Easter bunnies at a cost per unit of 0.40 + 0.005x dollars, where x is the number produced. If the price on the competitive market for a bunny this size is $10.00, how many should the company produce to maximize its profit?
A company has determined that its weekly total cost and total revenue (in dollars) for a...
A company has determined that its weekly total cost and total revenue (in dollars) for a product can be modeled by C(x) = 4000 + 30x R(x) = 300x -0.001x^2, where x is the number of items produced and sold. If the company can produce a maximum of 100,000 items per week, what production level will maximize profit?
Suppose a company has fixed costs of $53,200 and variable cost per unit of 2 5...
Suppose a company has fixed costs of $53,200 and variable cost per unit of 2 5 x + 444 dollars, where x is the total number of units produced. Suppose further that the selling price of its product is 2372 − 3 5 x dollars per unit. (a) Find the break-even points. (Enter your answers as a comma-separated list.) x = (b) Find the maximum revenue. (Round your answer to the nearest cent.) $ (c) Form the profit function P(x)...
assume that revenue, R(x), and cost, C(x), of producing x units are in dollars: R(x)=9x-2x^2 C(x)=x^3...
assume that revenue, R(x), and cost, C(x), of producing x units are in dollars: R(x)=9x-2x^2 C(x)=x^3 - 3x^2 +4x +1 how many units must be produced to maximize profit? what is the maximum profit as a dollar amount?
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)
Suppose a company has fixed costs of $2400 and variable costs per unit of 15/16 x...
Suppose a company has fixed costs of $2400 and variable costs per unit of 15/16 x + 1700 dollars, where x is the total number of units produced. Suppose further that the selling price of its product is 1800 − 1/16 x dollars per unit. (a) Find the break-even points. (Enter your answers as a comma-separated list.) (b) Find the maximum revenue. (c) Form the profit function P(x) from the cost and revenue functions. Find the maximum profit. (d) What...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT