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

Make a product structure for heather, Operations Mgmt. 10th edition Hiezer/...

Operations Mgmt. 10th edition Hiezer/Render Heather Adams, production manager for a Colorado exercise equipment manufacturer, needs to schedule an order for 50 UltimaSteppers, whic

Compute the operating characteristics of interest, An urn contains nine whi...

An urn contains nine white balls and 11 black balls. A ball is drawn and replaced. If the ball is white your opponent pays you 25 cents. If it is black you pay him 25 cents. You ha

Larger quantity purchases, A vendor's gives discounts to entice larger quan...

A vendor's gives discounts to entice larger quantity purchases.  The price breaks are as follows: Order Size    Discount    Unit Price     0 - 40              0%           $30 50

Explain some of the key decisions its management, Describe some of the key ...

Describe some of the key decisions its management has faced within the past year or two. Identify an ethical issue the organization either faces or has faced in the past. If it has

Performance criteria for layouts, Outline performance criteria that is impo...

Outline performance criteria that is important in creating a layout . Identify the types of layout performance criteria that might be most important in the following settings. a -

MBA-2, What do you understand by line balancing what happens if balance doe...

What do you understand by line balancing what happens if balance doesn''t exist

Define goal is to develop a strong talent management program, The goal is t...

The goal is to develop a strong talent management program globally to develop and retain talent that you have been losing to competitors. Discuss the strategies that you might use

Describe why financial objectives essential for the company, Why do financi...

Why do financial objectives essential for the company to succeed?

Why are flexible organisations required, Why are flexible organisations req...

Why are flexible organisations required? Flexible organisations : Workforce flexibility will be required because of uncertain market circumstances or seasonal changes into

Explain ennoblement in addition to the primary deliverable, Almost all proj...

Almost all project have deliverables dealing with documentation and customer ennoblement in addition to the primary deliverable

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