Management has at its disposal the following information: Revenue function: R =2400Q – 30Q? The profit-maximizing price: P=240 OMR. Then the Profit-maximizing quantity is...
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- Suppose you own a tax preparation services company, with fixed costs of $3,000/month and marginal costs of $25/appt.If the price is $60/appt, 500 appointments would be sold. If the price is $50/appt, 760appointments would be sold. a.)Use these figures to calculate the price elasticity of demand for your services. b.)Calculate the monthly profits and profit margins (profit/revenue) associated with the price of $60/appt and $50/appt. c.)Given these calculations, what price should you charge for your services, $50/apptor $60/appt? ExplainQ4. Suppose the monthly demand function of a certain firm is Q = 300 - 4P. The total cost function for the firm is TC = 15Q+ 1,000. (a) What is the maximum revenue the firm can achieve in a given month? (b) Calculate the point price elasticity of demand at the revenue-maximizing price and quantity. (c) What is the firm's profit at the price and quantity calculated in part (a)? (d) What is the maximum profit the firm can achieve? (e) Calculate the point price elasticity of demand at the profit-maximizing price and quantity.The price p (in dollars) and the quantity q sold of a certain product obey the demandequationq − 800 - 20P and 0 < p < 40 (answer iv and v) (i) Express the revenue R as a function of q.(ii) What is the revenue if 20 units are sold?(iii) What quantity q maximizes revenue? What is the maximum revenue?(iv) What price should the company charge to maximize revenue?(v) What price should the company charge to earn at least $3500 in revenue?
- Q3. The management of a manufacturing company has the following information:Revenue function: R = 1500Q – 15Q2Profit-maximizing price is OMR 900.a\ Using the above information, determine the following: i. Profit-maximizing quantity. ii. Revenue-maximizing quantity. b\ Calculate the maximum profit if the total cost is OMR 27550.Calculate the value of output if price per unit of table is $115 and total revenue is $4946What is the total revenue in a market with the following demand and supply curves? QD=478-6P and QS=128+8P
- If the price is given as 20 per unit and the given quantity is $150 billion Find the Total revenueA1). The price, p, that a bookstore charges for a special gift edition of a popular trilogy is related to the demand, q, by the equation 100pq + q? = 5,000,000. Suppose the price is currently set at $40. (a). At what rate is the demand currently changing with respect to this price? (Include units) (b). At what rate is the revenue currently changing with respect to this price? (Hint: use the chain rule). (Include units). (c). Suppose the demand is currently increasing at a rate of 50 copies per month. How fast is the price currently changing per month? (again, assume the price is currently $40).Include units.The total revenue function of a good is given by TR=100 Q - Q2 If the current demand is 40. The estimated change in the value of TR due to a 3 unit decrease in Q is: a. 40 b. 60 c. - 60 d. - 40
- Management has at its disposal the following information: Revenue function: R =890Q ‒5.5Q2 The profit-maximizing price: P=494 OMR. Then the Profit-maximizing quantity is (............) Units. (write only the number)An exclusive Yoghurt manufacturer sells 4,000 gallons per month at a price of GHS 40 each. When the price is reduced to GHS 30 sales increase to 6,000 gallons per month. Calculate the change in revenue due to the change in price.What is the price elasticity of demand at the profit-maximizing price for a company that has demand function Q = 140 - 0.2P and cost function C = 100Q? A. -1/5B. -1C. -4/3D. -2