(d) For the market graph below on the right, label demand, supply and the prevailing market price. Label the equilibrium market quantity with q*. (e) For the firm graph below to the left, label the axis. PLOT USING THE DATA IN THE TABLE the demand curve the firm faces, the marginal revenue curve, the average cost curve, the marginal cost curve, and the equilibrium price, quantity. Show the profit. Do all the plots give you the same answer? Graph the market Graph the firm
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- The following graph illustrates the weekly demand curve for motorized scooters in Madison. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per scooter) 325 300 275 250 225 200 175 150 125 100 75 50 25 0 0 10 A + 20 30 X B Demand 40 50 60 70 80 QUANTITY (Scooters) 90 100 110 120 130 Total Revenue ?(f ) Using a graph, show what will happen in the market for gasoline if the price of oil increases and there is a vast increase in the population (e.g., another baby boomer generation)?A company produces and sells a consumer product and is able to control the demand for the product by varying the selling price. The approximate relationship between price and demand is p= 200-0.05D where p is the price per unit in dollars and D is the demand per month. The company is seeking to maximize its profit. The fixed cost is $15000 per month and the variable cost is $50 per unit. a. What is the number of units that should be produced and sold each month to maximize profit? b. What is the domain of profitable demand during a month? Show your spreadsheet.
- Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per scooter) 325 300 275 250 225 200 175 150 125 100 75 50 25 0 09 18 27 A + 36 45 54 63 72 81 QUANTITY (Scooters) B Demand 90 90 99 108 117 Total Revenue ?F a) Draw the demand process cycle and label it fully. b) A door company has the following materials in inventory. Inspect the table below and answer the following questions Material Average (in Kilograms) Price Aluminum 3884 $3.0 Steel 5850 $1.4 Iron 200 $1 Work in Progress Average Price Fence 78 230 Final Products Average Price Door 300 300 Window 550 240 i. Calculate the number of turns. ii. Calculate the cost per day.Suppose the supply for a certain textbook is given by p=-q² and demand is given by p= 4 where p is the price and q is the quantity. (a) How many books are demanded at a price of $15? (b) How many books are supplied at a price of $15? (c) Graph the supply and demand functions on the same axes. +20,
- II. Find The Minimum Cost and graph : 1. C = x2 - 16x + 74 2. C = x2 - 40x + 405 Thank you.A company has established that the relationship between the sales price for one of its products and the quantity sold per month is approximately p= 75 -0.10 (D is the demand or quantity sold per month and p is the price in doilars). The fbxed cost is $1.000 per month and the variable cost is $30 per unit produced. a. What is the maximum profit per month for this product? b. What is the range of profitable demand during a month? a. The maximum profit per month for this product is S (Round to the nearest dollar.) b. The range of profitable demand during a month is from units to units. (Round up the lower limit and down the upper limit to the nearest whole number.)SOLVE STEP BY STEP DONT USE CHATGPT In a market, a supply and demand table is presented for a product. Assume that your relationship is linear Price in dollars (P) 300 350 400 450 Quantity (Q) Weekly Offered (O) 1000 2000 3000 4000 Quantity (Q) Weekly Respondent (D) 3000 2500 2000 1000 Find the linear supply and demand functions for this product Find the market equilibrium point
- 1. A small company manufactures a certain product. Variable costs are $20 per unit and fixed costs are $10,875. The price-demand relationship for this product is P= -0.25D + 250, where P is the unit sales price of the product and D is the annual demand. • Total cost = Fixed cost + Variable cost • Revenue = Demand * Price • Profit = Revenue – Total cost 1.1. Develop the equations for total cost and total revenue. 1.2. Find the breakeven quantity.Circle the letter associated with the correct answer and write the correct letter on the line (and use corresponding online answer key to submit your answers..make sure you read the associated questions and responses). The following data for gasoline sales and prices at a Slurpico Station in West Valley, Washington are from the United States Department of Energy. Prices are in dollars and sales are in gallons per day and driven by the quantity of gallons demanded: Sales 330 340 350 360 370 380 390 400 410 420 430 Price 3.50 3.25 3.00 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 Compute the price elasticity of demand when the price increases from $3.00 to $3.25 and determine what type of product gasoline is: (hint: use the midpoint method) а. Formula Calculation Answer Price elasticity of demand for gasoline is Compute the price elasticity of demand when the price increases from $1.25 to $1.50 and determine what type of product gasoline is: (hint: use the midpoint method) b. Formula…A company produces and sells a consumer product and is able to control the demand by varying the selling price. The approximate relationship between price and demand is 2700 5000 p = 38 + (for D>1) D² The company is seeking to maximize its profit. The fixed cost is $1,000 and the variable cost is $ 40 per unit. What is the number of units and total amount that should be produced and sold each month to maximize profit?