Cost and revenue equation
[DOC File]In economics, functions that involve revenue, cost, and ...
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Suppose R(x) and C(x), denote the total revenue and the total cost, respectively, of producing a new high-tech widget. The difference P(x) = R(x) - C(x) represents the total profit for producing x widgets. Given and C(x) = 3x + 13, find P(100). (1) 313 (2) 2000 (3) 55687 (4) 1687. What is the solution set of the equation
[DOCX File]Department of Mathematics and Statistics at Washington ...
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Now you can find your linear cost function C(x) using the given costs, and create a price-demand equation using the two data points (x 1 , p 1 ) and ( x 2 , p 2 ) from above. Your price-demand equation should be in the form p=mx+b to describe the relationship between the demand for your product, x , and the consumer unit price, p , in dollars.
[DOC File]Chapter 10 Multi-Variable Functions
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The revenue function is . The cost function in terms of x and y is where x is the number of aerobics shoes sold and y is the number of running shoes sold. To get the cost function in terms of p and q we need to use the demand equations as shown below. Now that we have a cost and revenue function we can find the profit function as follows
[DOCX File]PROBLEM SET: Cost, Revenue & Profit Models
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The “most appropriate” demand equation for a particular product is found to be . x = 2,000 – 0.625(p). Develop this product’s coefficient of . elasticity. expression and its Revenue equation . R = f (p). Then, assuming there are no severe ... PROBLEM SET: Cost, Revenue & Profit Models Last modified by: Matt
[DOCX File]GRAPHING A LINEAR EQUATION
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9)A break-even point is the intersection of the cost function and the revenue function, that is, where total cost equals revenue, and profit is zero. Mrs. Jones Cookies Store's cost and revenue, in dollars, for x number of cookies is given by C = .05x + 3000 and R = .80x. Find the number of cookies that must be sold to break even.
[DOC File]Cost, Revenue, and Profit Functions
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marginal revenue. The . profit, on the other hand, is the net proceeds, or what remains of the revenue. when costs are subtracted. If the profit depends linearly on the number of items, the. slope m is called the . marginal profit. Profit, revenue, and cost are related by the following formula: Profit = Revenue − Cost. P = R − C. If the ...
[DOC File]University of Wisconsin–Madison
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l. Calculate the total revenue, total cost, and economic profit for Class One. Assume fixed cost is divided evenly between the two classes. Answer: Total revenue for Class One is equal to ($5.50 per unit)(4.5 units) = $24.75. Total Cost for Class One is equal to (1/2)FC + VC = (1/2)($20) + ($1 per unit)(4.5 units) = $14.50
[DOCX File]Math One - Home
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This cost function can be represented by an equation of the form in which y is the total monthly cost in dollars and x is the number of square feet of pathway work done. For building flagstone pathways, Bill’s Landscaping Company has fixed costs of $12,000 per month and variable costs (that depend on the number of square feet of work done) of ...
[DOC File]CHAPTER 11
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Setting marginal revenue equal to marginal cost to determine the profit-maximizing quantity, we have: 500 - 2Q = 100, or Q = 200 people per flight. Substituting Q equals 200 into the demand equation to find the profit-maximizing price for each ticket,
[DOC File]University of Wisconsin–Madison
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The monopolist will set marginal revenue in each class equal to the (common) marginal cost. Hence, in equilibrium. MR1 = 20 – 2Q1 = Q1+Q2 = Q = MC. MR2 = 44 – 4Q2 = Q1+Q2 = Q = MC. This is an equation system with two equations and two unknowns. From the first equation we obtain. Q2 = 20 – 3Q1. Replacing in the second equation. 44 – Q1 ...
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