For the supply equation below, x is the quantity supplied in units of 1000 and p is the unit price in dollars. p =1/2x + 40; p = 49 b) Determine the number of units of the commodity the supplier will make available in the market at the given unit price. thousand units
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For the supply equation below, x is the quantity supplied in units of 1000 and p is the unit price in dollars.
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- Monsanto sells genetically modified seed to farmers. It needs to decide how much seed to put into a warehouse to serve demand for the next growing season. It will make one quantity decision. It costs Monsanto $8 to make each kilogram (kg) of seed. It sells each kg for $45. If it has more seed than demanded by the local farmers, the remaining seed is sent overseas. Unfortunately, it only earns $3 per kg from the overseas market (but this is better than destroying the seed because it cannot be stored until next year). If demand exceeds its quantity, then the sales are lost—the farmers go to another supplier. As a forecast for demand, it will use a normal distribution with a mean of 300,000 and a standard deviation of 100,000. Round your answer to 2 digits after the decimal point if it is not an integer. Do NOT use comma in your numeric answers. Use excel for accurate numbers. Don't round until the end. Monsanto’s maximum profit for this seed is $[xa]. The underage cost is $[xb]. The…Find the consumer and producer surpluses by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions). Demand Function Supply Function p=670 23x p= 44x consumer surplus $ producer surplus $ X XDeborah Kellogg buys Breathalyzer test sets for the Winter Park Police Department. The quality of the test sets from her two suppliers is indicated in the following table: For example, the probability of getting a batch of tests that are 1% defective from Winter Park Technology is .70. Because Kellogg orders 10,000 tests per order, this would mean that there is a .70 probability of getting 100 defective tests out of the 10,000 tests if Winter Park Technology is used to fill the order. A defective Breathalyzer test set can be repaired for $0.50. Although the quality of the test sets of the second supplier, Dayton Enterprises, is lower, it will sell an order of 10,000 test sets for $37 less than Winter Park. a) Develop a decision tree. b) Which supplier should Kellogg use?
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