What price should be charged to maximize profit

Assignment Help Econometrics

Reference no: EM131175860

Suppose it has been determined that the demand (in thousands of dollars) for a certain item is given by the equation

and the cost of producing x hundred items is given by C(x) = 5x + 10. Determine

(a) the revenue function,

(b) the Profit function,

(d) from your estimate in (c), what price should be charged to maximize profit?

Reference no: EM131175860

Questions Cloud

Determine the domain of the revenue function : Suppose the demand equation is 200x + 10p = 10000, where x is the number of items sold when the per unit price is p dollars.

How exist of women drivers still exist in social impression : Prepare a Research paper about How exist of women drivers still exist in social impression?

What price should be changed to maximize sales : When the price for a color television is $240, the monthly sales for this item at a department store is 450. For each $5 increase in price, the monthly sales fall by 5 units. How many color televisions should be sold to maximize monthly sales and ..

What is your role in the decision-making processes : In this situation, what is your role in the decision-making processes that serve to establish an organizational climate oriented to meet business goals

What price should be charged to maximize profit : Suppose it has been determined that the demand (in thousands of dollars) for a certain item is given by the equation

Analyze integrated marketing communications : Develop pricing strategies and distribution channels for products. Analyze integrated marketing communications and its relationship to advertising strategy. Evaluate marketing research tools involved in the marketing process.

Analysis of criteria and methods used for selecting employee : Identify the selection criteria and methods, and discuss how they relate to the needs of the organization in the case. Include an analysis of the criteria and methods used for selecting the employee in the manuscript

Describe the rational choice model of crime : Describe the rational choice model of crime and describe how routine activity theory differs from deterrence and incapacitation based models of crime control.

Find the relationship between n and x : BBC Rentals Inc. owns a large apartment complex containing 400 identical apartments. If the monthly rent for each apartment is $800 all the apartments are rented. However, for each $60 monthly increase in rent 3 apartments become vacant. Find an e..

User Account

All Pages