Which of the following statements best answers the question? 7) If x = D(p) = and n < 1, which of the following is true? ph A) Revenue is increasing for all values of p. B) Revenue is decreasing for all values of p. C) Revenue is constant for all values of p. D) Revenue is increasing for p>1, constant for p=1, and decreasing for p<1 E) None of the Above
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- Calculate the Total Revenue, Total Cost, and Profit for the firm below. Show your math. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Solve for Question (C) How to Maximize RevenueAt profit maximization, calculate (P-ATC) x Q.
- 7. A paint store sells 270 pails of paint per month at a price of $32 each. A customersurvey indicates that for each $1.20 decrease in price, sales will increase by 6pails of paint.(a) Determine the demand, or price, function.(b) Determine the revenue function (using (a)).(c) Determine the marginal revenue function.(d) Solve R’(x) = 0. Interpret the meaning of this value for this situation.(e) What is the price that corresponds to the value found in part (d)?Problem 1 (a) TeddyJ is a manufacturer of dish washing liquid. If his monthly demand function for 750ml Size is q = 4000 - 250p and his total cost function is C(q) = 500+0.2q. %3D %3D (i) Derive an expression, R(g) for Teddy J's total revenue curve. (11) Derive an expression, I(q) for Teddy J's profit function. (iii) Determine whether Teddy J's profit is increasing or decreasing when he produces 5 hundred, 750ml bottles of dish washing liquid.The price-demand equation and the cost function for the production of table saws are given, respectively, by x=8,000 - 40p and C(x) = 112,000 + 70x, where x is the number of saws that can be sold at a price of Sp per saw and C(x) is the total cost (in dollars) of producing x saws. Complete parts (A) through (1) below. (A) Express the price p as a function of the demand x, and find the domain of this function. The price function is p= Determine the domain of this function. Select the correct choice below and fill in the answer box(es) within your choice. O A. ISXSO О в. х2 Ос. х»‑ OD. IFind average revenue if total revenue is $4400 and output is 221. Suppose there is a firm called Sebastian Industries that produces a product known as “Ortizs”. At q=0, the total cost is $200 and then increases by $20 for each additional unit produced. What is the FC? a) $0 b) $50 c)$100 d) $200 e) Not enough information 2. For q=10, what is the ATC? a) $0 b) $15 c) $30 d) $40 e) $55 3. Which of the following is NOT an example of a sunk cost? a) Purchase of a hamburger after starting to eat it b) Purchase of a movie ticket thirty minutes after the film has started c) Purchase of an item on Amazon...fifty days after delivery d) Purchase of a gallon of milk after you start drinking it e) Purchase of a new TV set with the receipt 4. Suppose we have another firm known as Sepanyan Corporation which makes a product known as Yeghias. Suppose the firm’s FC=$8,000 and its TC=$10,000 and its AVC=$5. What is the ATC? a) $25.00 b) $67.50 c) $100.25 d) $200 e) Not enough information 5. Which of the following is true concerning a competitive firm? a) It…Q 4 5 6 Revenue and cost figures can be observed in the table below for Greensons Organic. Use the information in the first three columns to complete the table Output /Sales(Q) Total Revenue (TR) Total Costs (TC) Profit /Loss Marginal Revenue (MR) Marginal Costs (MC) Addition to profit 0 0 8 -8 1 7 14 -7 7 6 2 14 19 -5 7 5 3 21 23 -2 7 4 4 28 26 2 7 3 5 35 28 7 7 2 6 42 31 11 7 3 7 49 38 11 7 7 8 56 48 8 7 10 2. Is Greensons Organic operating in the short run or in the long run? Justify your answer 3. Calculate average variable costs when the level of output is equal to 5 units. 4. What level of output does Greensons Organic maximize profit? Justify/explain your answer and show calculations 5. When will the diminishing marginal returns start to prevail for Greensons Organic and why? 6.…Ace Shoe Company sells heel replacement kits for men's shoes. It has fixed costs of $6 million and unit variable costs of $5 per pair. If the company charges $15 per pair, how many pairs must it sell to break even? Ace Shoe Company sells heel replacement kits for men's shoes. It has fixed costs of $6 million and unit variable costs of $5 per pair. Ace would like to earn a profit of $2 million; how many pairs must they sell at a price of $15? Ace Shoe Company sells heel replacement kits for men's shoes. It has fixed costs of $6 million and unit variable costs of $5 per pair. Suppose a consultant tells Ace it can sell 700,000 heel repair kits, what price must it charge to achieve a profit of $2.5 million?Calculate average revenue when it is given that Total revenue is $70 and output is 5 units6 Marginal revenue is the rate of change of the total revenue per unit change in sales when the level of sales is x items. For x = n, R'(n) gives an estimate for how much revenue the n + 1 item will generate. Marginal profit is the rate of change of the profit per unit change in sales when x items are produced and sold. For x = n, P'(n) gives an estimate for how much profit the n+ 1 item will generate. 2. Sony has determined that the revenue from the sale of x Playstation controllers is given by R(x) = 94x -0.03x² dollars. The cost of producing x Playstation controllers is C(x) = 10,800 +34x dollars. a. Find the profit function. b. Find P (600) and interpret your answer in a complete sentence. c. Find the marginal profit function. d. Find P' (600) and interpret your answer in a complete sentence. e. Find any breakeven points.SEE MORE QUESTIONS