Find the selling prices that maximize profit

Assignment Help Microeconomics
Reference no: EM131801689

Question: Suppose a store sells two brands of disposable cameras and the profit for these is a function of their two selling prices. The type 1 camera sells for $x, the type 2 sells for $y, and profit is given by

P = 915x - 30x2 - 45xy + 975y - 30y2 - 3500

Find the selling prices that maximize profit. Find the maximum profit.

Reference no: EM131801689

Questions Cloud

A business professor stated that depreciation was a huge tax : A business professor stated that depreciation was a huge tax giveaway by the government, because companies would sell buildings
Summarize the program and acquisition management process : Write a one page abstract on Summarize the program and acquisition management process and key concepts. Research the learning objective in the library.
Market of resources is able to cope with supply chain : Market of Resources is able to cope with a supply chain where reconfigurability dynamics is an important parameter more efficiently than the traditional way.
Analyze the company decisions and strategy regarding : Analyze the company's decisions and strategy regarding site selection, outsourcing, and offshoring operations.
Find the selling prices that maximize profit : Suppose a store sells two brands of disposable cameras and the profit for these is a function of their two selling prices.
Prepare journal entries for the transactions in june : Prepare journal entries for the transactions that occurred in June, July, and August. The company uses a perpetual inventory system
Impacts of offshoring or outsourcing on quality : Analyze thecompany's desicisions and strategy regarding site selection, outsourcing, and offshoring operations.
How well does the regression line fit the data : In the last half of the twentieth century the U.S. population grew more diverse both racially and ethnically, with persons of Hispanic origin representing.
Segment of the general environment : To which segment of the general environment does each of the following trends belong? Which industries or companies will be largely impacted by these trends?

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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