1. A company has determined that if the price of an item is $40, then 150...
1. A company has determined that if the price of an item is $40, then 150 will be demanded by consumers. When the price is $45, then 100 items are demanded by consumers (a) Find the price-demand equation, assuming that it is linear. (2 marks) (b) Find the revenue function. (1 mark) (c) Find the number of items sold that will give the maximum revenue. What is the maximum revenue? (4 marks) (d) What is the price of each item...
Q-6. Research shows that the demand function for a new product is d(x)-5x + 18, where x represents the number of items in thousands and d represents the item price in $.The cost function is C(x) 2x + 9 a. State the Revenue function R(x) [1 mark] b. Find the corresponding Profit function P(x). [1 mark] c. How many items must be sold to maximize profit? [2 marks] c.How many items must be sold for the company to break even?...
Problem 1: A company produces an item at a per-unit cost of $1000 and a fixed cost of $50,000. The selling price is a linear function of number of items demanded as follows: p = 15,000 - 200x, x5 80 A. Find the per-unit selling price when the demand is 30. B. Find the revenue function and find the revenue when the demand is 30. C. Find the cost function and find the cost when the demand is 30. D....
Problem 1: A company produces an item at a per-unit cost of $1000 and a fixed cost of $50,000. The selling price is a linear function of number of items demanded as follows: p = 15,000 - 200x, x5 80 A. Find the per-unit selling price when the demand is 30. B. Find the revenue function and find the revenue when the demand is 30. C. Find the cost function and find the cost when the demand is 30. D....
Item price $8.00Fixed cost $200Variable costs 3xif x items are sold, write an expression for:Revenue, Cost, Profit
Based upon market research, the Hawthorne Company has determined that consumers are willing to purchase 133 units of their portable media player each week when the price is set at $46.20 per unit. At a unit price of $11.80, consumers are willing to buy 305 units per week. (a) Determine the weekly demand equation for this product, assuming price, p, and quantity, x, are linearly related. p (b) Determine the weekly revenue function. R(x) (c) Determine the number of units...
Need help with E-J. please :) Business Calc. Price-Demand Functions 2. The same outdoor company does some market rescarch and finds the following data estimating the number of people that are willing to buy the snowshoes at a certain price. For example, if the selling price of the snowshoes was $345, their estimates show that they would sell 50 pairs of snowshoes. of price pairs a) Create a scatterplot of the data using price as the dependent variable. snowshoes demanded...
2. Units cost $0.50 each to produce an item and they sell for $3.00 each. The overhead in setting up production is $2,000. a) Find the cost and the revenue functions. b) Find the breakeven point. Also graph the cost and revenue functions and label the breakeven point. c) How many units must be sold to yield a profit of $2,000? d) Find the average profit function and the rate of change of the average profit when x=20 items.
Problem: Big Al Plastics produces a variety of plastic items for packaging and distribution. One item, container #145, has had a low contribution to profits. Last year, 20,000 units of container #145 were produced and sold. The selling price of the container was $32 per unit, with a variable cost of $16 per unit and a fixed cost of $95,000 per year. 2. (25 pts) Create a copy of the Question 1 worksheet in the same workbook. Rename this copy...
find expressions fr the revenue, cost, and profit from selling x thousand items:item price: $2.00Fixed cost; $214,448Variable Cost: -3x^2 + 3480x - 100COuld anyone help me out? this is for my review for the final exam. ty in advance.:)