Explanation Given information: Given, production costs for manufacturing running shoes consist of a fixed overhead of $650,000 plus variable costs of $20 per pair of shoes. Each pair of shoes sells for $70. The number of pairs of shoes produced is q. Calculation: Here, the fixed cost is $650000 and the variable cost is $20. So when the number of pair of shoes is q, the cost function C is given by C ( q ) = 650000 + 20 q Also, here each pair is sold for $70. So when the number of pair of shoes is q, the revenue function R is given by R ( q ) = 70 q The profit is given by the difference of cost function and revenue function To determine (b) To find the marginal cost, marginal revenue, and marginal profit. To determine (c) To find the number of shoes that must be produced and sold for the company to make profit.

6th Edition

ISBN: 9781119399353

Author: DA

Publisher: JOHN WILEY+SONS,INC.-CONSIGNMENT

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Contingency Table

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Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

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Question

Chapter 1.4, Problem 21P

To determine

(a)

To find the total cost, C ( q ), the total revenue, R ( q ), and the total profit, p ( q ), as a function of the number of pairs of shoes produced, q.

To determine

(b)

To find the marginal cost, marginal revenue, and marginal profit.

To determine

(c)

To find the number of shoes that must be produced and sold for the company to make profit.

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Chapter 1.4, Problem 20P

Chapter 1.4, Problem 22P

Chapter 1 Solutions

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(a) To find the total cost, C ( q ), the total revenue, R ( q ), and the total profit, p ( q ), as a function of the number of pairs of shoes produced, q.

Solution Summary: The author explains how production costs for manufacturing running shoes consist of a fixed overhead of 650,000 plus variable costs of 20 per pair of shoes.

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(a) To find the total cost, C ( q ), the total revenue, R ( q ), and the total profit, p ( q ), as a function of the number of pairs of shoes produced, q.

(b) To find the marginal cost, marginal revenue, and marginal profit.

(c) To find the number of shoes that must be produced and sold for the company to make profit.

Want to see the full answer?

Chapter 1 Solutions

(a)

To find the total cost, C ( q ), the total revenue, R ( q ), and the total profit, p ( q ), as a function of the number of pairs of shoes produced, q.

(b)

To find the marginal cost, marginal revenue, and marginal profit.

(c)

To find the number of shoes that must be produced and sold for the company to make profit.