+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
"If AutoEdge decided to increase its prices and return to the United States," she says, "how would this action affect consumer demand? I want to know your opinion about elas
When the late Francois Mitter and was the president of France, he instituted a number of programs designed to appeal to his “blue-collar” constituency. He raised the income ta
Dayna's Doorstops (DD) is a monopolist in the doorstop industry. Its cost function is C= 100 - 5q q2, and demand is P = 55 - 2q. What price should DD set to maximize profits?
The equation is estimated using quarterly data on new boat sales in the county from the 3rd quarter of 2001 to the 4th quarter of 2007 (t = 1,…,26). The variable D is a dummy
The manager of a stockroom in a factory has constructed the following probability distribution for the daily demand (number of times used) for a particular tool. It costs th
Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4
Your company, Premier Car Rental, has a reputation for renting very nice, well-maintained cars. You have been given the task of analyzing the strength of recent demand at a gr
Suppose that the demand curve (hundreds) for apples is given by Qd = 140 - 5P, where Qd is the number of pounds demanded per year and p is the price per pound. The supply of