+1-415-670-9189
info@expertsmind.com
Find the revenue function and find the cost function
Course:- Microeconomics
Reference No.:- EM13700156





Assignment Help >> Microeconomics

A business owner used a revenue function and a cost function to analyze his monthly sales. One month he found that with a sales volume of 600 items he had revenues of $10,200. Another month he had total costs of $4,700 on a sales volume of 400 items. He also finds that the break-even point is 50 items. a. Find the revenue function. b. Find the cost function. Explain step by step




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Microeconomics) Materials
Describe why a Keynesian approach to managing the macro economy might be appropriate while, at another point in time, a classical approach might be more likely to produce a su
The relationship between number of pairs of shoes and shoes produced per day is given by Q=-4.8+27L-1.8L^2.Each pair cost $15 and hourly wage is $13.5. How many people shoul
Suppose this economy is initially in equilibrium. Calculate the new equilibrium level of real GDP, Y', if government spending increases by $20 while everything else is held
Discuss why the credit channel is likely to be more important in ?nancially devel- oping economies than in developed ones, and discuss its implications for the choice betwee
An article in the Economist argued that "heavy public debt risks more than just crowding out private investment. It can, in the extreme, bring on insolvency." What does the
Define "modern economic growth" and explain the institutional structures needed for an economy to experience it. Identify the general supply, demand, and efficiency forces tha
Identify any tasks that should be implemented for the program and explain how they would help with the planning of the substance abuse program. While the program is still in
1. In the graph drawn above, the diagonal line is the line of equal distribution of income. The curves, L1 and L2 are Lorenz curves. (i) What is measured on the horizontal axi