p=D(x)=71.5−0.02xp=D(x)=71.5−0.02x dollars. The total cost for these coffee makers is given by C(x)=0.05x2+5.5x+6200C(x)=0.05x2+5.5x+6200 dollars. Determine the marginal profit for 118 coffee makers.

p=D(x)=71.5−0.02xp=D(x)=71.5−0.02x dollars. The total cost for these coffee makers is given by C(x)=0.05x2+5.5x+6200C(x)=0.05x2+5.5x+6200 dollars. Determine the marginal profit for 118 coffee makers.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter7: Economies Of Scale And Scope

Section: Chapter Questions

Problem 7.4IP

See similar textbooks

Related questions

Q: n his State of the Union address in 2003, President Bush supported the idea of changing from the use…

A: The study of the financial effects of environmental policy is also known as environmental economics.…

Q: 2. Which of these gives the highest effective rate of interest? 16.35% compounded twice every month…

A: A nominal interest rate is computed without consideration of the compounding period while the…

Q: The top table describes an economy's labor market and the bottom table describes its production…

A: Potential GDP is a theoretical construct, an estimate of the value of the output that the economy…

Q: 5-6. Consider the market represented in the figure below. Calculate total surplus when supply…

Q: A man purchased a house for P425,000.00. In the first month that he owned the house, he spent…

A: Selling price assigned to a good or service is generally assigned by the seller, which is the amount…

Q: What rate of interest compounded annually would result in receipt of $21,000 in five years from an…

Q: if consumers would expect the price of a good to increase in the near future in the price of a…

A: The complement good experience joint demand which means that the demand of one good will be linked…

Q: Use the following information to determine the Fed's balance sheet and calculate the Fed's Monetary…

A: Fed is the central bank of the United States. The balance sheet is the financial statement that…

Q: The market demand for a product is Q=240-4P. At what price is the price elasticity of demand equal…

A: The degree to which the effective desire for commodity changes as the price(P) of that commodity…

Q: xceed marginal revenue, then: me firm should increase its production level. he firm's average costs…

A: Equilibrium of a firm is at the level where marginal cost is equal to marginal revenue curve and…

Q: In the circular flow diagram, households get their ability to pay for their consumption expenditures…

A: The circular flow model refers to the economic analysis of the interaction between households and…

Q: 2. (Textbook problem 6, page 104) Suppose that the production function is Y = 9K 0.5 Nº.5. With this…

A: The term "labour market" refers to the area of the economy where employers and employees deal with…

Q: An example of an incentive designed to promote savings would be A) an increase in the sales tax. B…

A: Savings and investments are important for capital formation and thereby economic development. The…

Q: At a university faculty meeting in 2012, a proposal was made to increase the housing benefits for…

A: Faculty is important to the success of any university or institution. Increase in the advantages in…

Q: In a building construction project, 7,500 feet of insulated ductwork is required. The ductwork is…

A: Total cost refers to the overall expenses incurred in a project. Total revenue minus total cost…

Q: c) Now, suppose the inflation from 2012 to 2013 was 11.2%. Given that the CPI for this 155.3 in…

A: The Consumer Price Index measures the overall change in consumer prices based on a representative…

Q: The demand for the book is P = 82 - 3Q. A bookstore can order copies that will cost $2. If the…

A: A connection between the one variable and its determinants is described by a demand function. It…

Q: well as private benefits, then economic theory suggests that the activity ought to be: Select…

A: The external benefits means economic activities are producing external effects or such activities…

Q: A mathematical approximation called the rule of 70 tells us how long it will take for something to…

A: Given, Real GDP in Panama = 12000 (per person) Real GDP in US = 48000 (per person)

Q: Price 10 8 7 9 5 сл 4 3 2 1 0 250 500 750 1000 Quantity of kilos per month 1250 S D

A: Demand is the willingness and capacity of consumers to purchase goods, while supply is the…

Q: Draw the price effect and the quantity effect for a price change from $10 to $20. Which effect is…

A: Price effect captures the change in the market prices on consumer demand. Quantity effect captures…

Q: The short run average variable cost curve Explain answer a. Is always downward-sloping b. Starts at…

A: Production cost is the cost occurred on factors of production used in the process of production.…

Q: Use economic equivalence to determine the amount of money or value of i that makes the following…

Q: What has been the average annual growth rate of U.S. real GDP per person over the 120 years from…

A: The real Gross Domestic Product (GDP) per capita annual growth rate is calculated as the percentage…

Q: Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold…

A: Revenue is the amount of money a business receives at any one time, excluding any costs incurred…

Q: The following table shows the annual average data on the employment status of the U.S. civilian…

A: Introduction: Unemployment refers to the situation when the number of job seekers is more than…

Q: A gardener is trying to maximize profit by growing tomatoes (T) and carrots(C) with fertilizer(F).…

A: In economics, elements of production are the resources people utilize to manufacture goods and…

Q: d. Identify and explain the most likely type of unemployment that resulted in an increase in the…

A: Unemployment Once someone actively seeks a job but is unable to do so, this is referred to as being…

Q: = Kayla's PPF is defined by 10 = 2Qw + Qc where Qw is bushels of wheat and Qc is bushels of corn.…

A: Production Possibility Frontier is a very necessary term for international trade because this curve…

Q: Firms in a competitive market can sell as much as they like at a market price of $16. The cost…

A: In the perfectly competitive market firm is price taker only. Individual firm can not influence the…

Q: mer buys coffee (C) for $3 each and bagels (B) for $1.50 each. If she has in the slope of her budget…

A: Given that, Price of coffee (PC) = $3 Price of bagels(PB) = $1.50 Money income (M ) = $40

Q: 3. Suppose that the production function of an economy is given by Y = √N. The (representative) firm…

A: Production function : Y = N0.5 Utility function : log(C) + log(l) Demand for labor is derived by the…

Q: The Nicor family is planning to purchase a new home 3 years from now. If they have Php 12,000,000…

A: As given Present worth = 12,000,000 Interest rate = 12% per year time = 3 years FV = PV(1+r)n…

Q: Which of the following will decrease the demand for chicken? O Research showing chicken is better…

A: The measure that depicts various quantities of goods being demanded by individuals at different…

Q: Van is a stay-at-home parent who lives in Philadelphia and provides math tutoring for extra cash. At…

A: When wage = $50 /hr , labor supply = 10 hrs /week When wage = $65 /hr , labor supply = 19 hrs /week…

Q: The principal-agent problem arises because: Select one: a. the agent wants to maximize the company's…

A: Asymmetric information occurs when there is unequal information between two parties. In this…

Q: You currently have an old hardwood cabinet that you want to sell. You can either pick a price and…

A: Producer surplus is the difference between the actual market price and the minimum amount a producer…

Q: Fill in the blanks: Workers Employed 0 1 2 3 4 Quantity Produced 0 15 25 33 39 Output Price ($) 10…

A: A perfectly competitive firm is a price taker, therefore, the price of output remains same if the…

Q: 3. It is estimated that a copper mine will produce 10,000 tons of ore during the coming year.…

A: Production in the first year =10,000 tons. Form year second the production will increase by 5% per…

Q: 200 O 50 000 y 40 000 30 000 b 100 150 20 000 10 000 elastic 50 inelastic 100 50 150 200 X 200 X i O…

A: The degree to which the quantity desired or supplied responds to the price is known as elasticity.…

Q: What are the factors

A: Outer environment factors are components that exist beyond a company's inner environment that can…

Q: Figure 4-14 Price $2.00 1.50 1.00 0.50 500 S P 1,000 Quantity In Figure 4-14, which of the following…

Q: what is social structures

A: Although the idea of social structure is fundamental to the majority of the social sciences, it has…

Q: he following equations describe an economy. Y=C+I+G C=120+0.6(Y-T) I=100-10r, G=60 T=40…

A: the equilibrium level of income is the point at which a business is able to sell all of the goods it…

Q: 2. A cash-starved town decides to impose a $6 excise tax on T-shirts sold. The following table shows…

A: Quantity demanded A good or service's total quantity demanded during a specific period is referred…

Q: What is the business cycle? Which part of the business cycle is of particular concern to…

A: A business cycle refers to the fluctuations in long-term in the output of an economy. It involves…

Q: A company's cost function is given as: TC = 25+ 30Q + 0.2Q² What is the equation for the company's…

A: Variable cost refers to the cost which changes with change in the level of output. The fixed cost…

Q: Assume P = 201 - 1Q and TC = 129 + 1Q2. What level of production maximizes profit? Enter as a value…

A: In this case, we have to see profit maximizing output. Now we know that in the market economy there…

Q: 10.16 An asset in the five-year MACRS property class costs $150,000 and has a zero estimated salvage…

A: Given information Initial cost=$150000 Salvage value=0 Annual revenue=$320000 Annual…

Q: The market for concession tickets (C)! Consider the following simplified scenario. Imagine that the…

A: The demand function depicts the relationship between the price and quantity demanded. The slope of…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Your college newspaper, The Collegiate Investigator, sells for 90¢ per copy. The cost of producing x copies of an edition is given by C(x) = 60 + 0.10x + 0.001x² dollars. (a) Calculate the marginal profit function, in dollars per copy. P'(x) = (b) Compute the marginal profit, if you have produced and sold 500 copies of the latest edition. When you produce and sell 500 copies, the marginal profit is dollars per copy. Interpret the results: The approximate loss from the production and sale of the 501st сорy is dollars.
Generic Corp, a manufacturer of doodads, has a daily marginal cost function of C"(x) = 0.71(0.04z + 0.18(0.02z +0.18z + 30.28)* dollars per doodad when z doodads are made. The fixed costs for Generic Corp are $25 per day. How much does it cost rhe company in total to produce 330 doodads? Round your answer to the nearest cent.
An electromechanical machine manufacturer has a demand function for his machines: P(q) = 5,500 - 20q, where "P" represents Selling Price in $ and "q" represents number of machines sold in a given period. Additionally, it is known that Cost Function is given by: C(q) = 500q + 5q² a) How many machines must be sold in a period to obtain a profit of $500,000? b) How many machines must be sold to obtain a MAXIMUM profit per period and what would be MAXIMUM revenue achieved?
The revenue for a product is R(x) = - 0.004x2 + 21x – 6200 and the cost is C(x) = 0.02x + 38 for x units produced and sold. 1. Find the marginal profit for 2800 units. 2. Should output be increased or decreased to generate a higher profit?
The total Revenue curve of a firm is R(q) = 40q -12q^2 and its average cost A(q) = 1/30q^2 – 12.85q + 20 + 400/q, where q is the firm’s output. (i) Derive an expression C(q) for the firm’s total cost function. (ii) Derive an expression for the firm’s profit function. (iii) Is the rate of change of profit increasing or decreasing when the output level of the firm is 10 units? (iv) Determine the level of output for which the firm's profit is maximized (v) What is the firm’s maximum profit?