A firm uses a single input to produce a commodity according to its short-run production function, where x is the number of units of input. The commodity sells for $100 per unit. The input cost is $50 per unit. Write down a function that states the firm's profit, as a function of the amount of inpu
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A firm uses a single input to produce a commodity according to its short-run production function, where x is the number of units of input. The commodity sells for $100 per unit. The input cost is $50 per unit.
Write down a function that states the firm's profit, as a function of the amount of input?
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- A manufacturer has a monthly fixed cost of $44,000 and a production cost of $9 for each unit produced. The product sells for $13/unit. (a) What is the cost function? C(x) = (b) What is the revenue function? R(x) = (c) What is the profit function? P(x) = (d) Compute the profit (loss) corresponding to production levels of 9,000 and 13,000 units. P(9,000) = P(13,000) =A firm sells two products. Product R sells for $20; its variable cost is $6. Product S sells for $50; its variable cost is $30. Product R accounts for 60 percent of the firm’s sales, while S accounts for 40 percent. The firm’s fixed costs are $4 million annually. Calculate the firm’s break-even pointYour boss would like your help on a marketing research project he is conducting on the relationship between the price of juice and the quantity of juice supplied. He hands you the following document: Price of Juice Quantity of Juice Supplied (Dollars per can) (Billions of cans) 0.50 750 0.75 1,000 1.00 1,500 1.25 2,000 Your task is to take this and construct a graphical representation of the data. In doing so, you determine that as the price of juice rises, the quantity of juice supplied increases. This confirms the
- A company has two products, which both sell in quantities of 20. Product A sells for $35/unit with a profit margin of 20%. Product B sells for $50/unit with a profit margin of 13%. Product A has a lost sale probability of 25% when out of stock, and Product B has a lost sale probability of 35% when out of stock. Which product is the more "expensive", in terms of lost sales, if it were to experience a stockout? O No answer text provided. O Product A O They both have the same cost of lost sales same O Product BA firm produces three products. Product A sells for $60; its variable costs are $20. Product B sells for $200; its variable costs are $120. Product C sells for $25; its variable costs are $10. Last year, the firm sold 1000 units of A 2000 units of B, and 10,000 units of C The firm has fixed costs of $320,000 per year. Calculate the break-even point of the firm.It costs a company c(x) dollars to produce x units. Thecurve y c (x) is called the firm’s marginal cost curve.(Why?) The firm’s average cost curve is given by z c(xx).Let x* be the production level that minimizes the company’saverage cost. Give conditions under which the marginal costcurve intersects the average cost curve at x*.
- The point at which a company's profits equal zero is called the company's break-even point. Let R represent a company's revenue, let C represent the company's costs, and let x represent the number of units produced and sold each day. R(x) = 50x С(x) %3 32.5х + 52,500 (a) Find the firm's break-even point; that is, find x so that R= C. (b) Find the values of x such that R(x) > C(x). This represents the number of units that the company must sell to earn a profit. (а) х%3 (Type a whole number.) (b) Solve the inequality for x. Type the correct inequality symbol in the first answer box below, and type an integer in the second answer box.The army is attempting to determine the optimal replacement age for a piece of field equipment. The equipment costs $280,000 to replace. The manufacturer will supply a rebate toward the next purchase that declines at a rate of 20 percent per year. Maintenance costs for the first year are estimated to be $1,000, and they increase roughly at the rate of 18 percent per year. Estimate the number of years that the army should hold the equipment before making a replacement.(Production and Operation Analysis by Steven Nahmias, 7th edition, pg.774 Problem # 24)Barbara Flynn sells papers at a newspaper stand for $0.40. The papers cost her $0.30, giving her a $0.10 profit on each one she sells. From past experience Barbara knows that: a) 20% of the time she sells 150 papers. b) 20% of the time she sells 200 papers. c) 30% of the time she sells 250 papers. d) 30% of the time she sells 300 papers. Assuming that Barbara believes the cost of a lost sale to be $0.05 and any unsold papers cost her $0.30 and she orders 250 papers. Use the following random numbers: 14, 4, 13, 9, and 25 for simulating Barbara's profit. (Note: Assume the random number interval begins at 01 and ends at 00.) Based on the given probability distribution and the order size, for the given random number Barbara's sales and profit are (enter your responses for sales as integers and round all profit responses to two decimal places): Random Number Sales Profit 14 4 13 9 25
- The higher the price, the fewer goods or services consumers will demand. Conversely, the lower the price, the more goods or services they will demand. Select one: True FalseWhich of the following is NOT a determinant of the demand for good X?A manufacturer has a production facility that requires 15,604 units of component JY21 per year. Following a long-term contract, the manufacturer purchases component JY21 from a supplier with a lead time of 7 days. The unit purchase cost is $25.6 per unit. The cost to place and process an order from the supplier is $121 per order. The unit inventory carrying cost per year is 10.5 percent of the unit purchase cost. The manufacturer operates 250 days a year. Assume EOQ model is appropriate. If the manufacturer uses a constant order quantity of 2,640 units per order, what is the annual holding cost? Use at least 4 decimal places.