Determine the price to maximize profit, Operation Management

Assignment Help:

The Hickory Cabinet and Furniture Company has decided to concentrate on the production of chairs. The fixed cost per month of making chairs is $7,500, and the variable cost per chair is $40. Price is related to demand according to the following linear equation-

v = 400 - 1:2p

Where v is the demand and p is the price. Develop the nonlinear profit function for this company and determine the price that will maximize profit, the optimal volume, and the maximum profit per month


Related Discussions:- Determine the price to maximize profit

Explain services from goods, Which of the following is not a characteristic...

Which of the following is not a characteristic that distinguishes services from goods? Service jobs are unskilled A service is intangible Services are perishable Services are heter

Activities relating to production system designing, Activities Relating to ...

Activities Relating to Production System Designing Decision relating to the production system design is the firm and foremost activity of the production management. This activi

Explain theory y, Explain Theory 'Y'. This theory is place forward by D...

Explain Theory 'Y'. This theory is place forward by Douglas McGregor. It is based upon the management thinking containing certain assumptions regarding human nature and human b

Generate a decision tree to help expando, Expando, Inc., is considering the...

Expando, Inc., is considering the possibility of building an additional factory that would produce a new addition to its product line. The company is currently considering two opti

Define one attribute or capacity of servant leadership, Write a 500-750-wor...

Write a 500-750-word paper analyzing emerging leadership theories. Address the following questions and concepts: 1) Describe one attribute or capacity of servant leadership and

Linear Programming, Solve the following Linear Programming Problem using Si...

Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1+ X2 = 2 X1, X2 = 0

Explain what order quantity will enable the refinery, A refinery in Houston...

A refinery in Houston replaces all of the 3" full-open ball valves in its facility according to a very strict maintenance policy which spaces replacements fairly uniformly througho

Explain the logistics has such an important economic impact, Why or why not...

Why or why not the logistics has such an important economic impact

Describe customer service level for an inventory system, Discuss customer s...

Discuss customer service level for an inventory system within the context of quality management

Explain can managers improve both simultaneously, A college professor told ...

A college professor told her students, "The purpose of a management course is to teach students about management, not to teach them to be managers." Do you agree or disagree with t

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd