#### Description of this paper

##### If demand function for a commodity is given by the equation

**Description**

solution

**Question**

1. If demand function for a commodity is given by the equation p?+4q-1600 and the supply function is given by the equation 300-p?+2q=0.;Find the equilibrium quantity and equilibrium price.;2. Suppose a company has fixed costs of $28,000 and variable costs 2/5x+222 dollars per unit, where x is te total number of units produced. Suppose further that the selling price of its product is 1,250-3/5x dollar per unit.;a) Find the maximum revenue.;b) Form the profit function from the cost and revenue function and find maximum profit.;c) What price will maximize the profit;3. If the supply function for a commodity is p=q?+8q+16 and the demand function is p=-3q?+6q+436 find;a) The equilibrium quantity;b) equilibrium price.;4. If a company has total costs C(x)=15,000 +35x + 0.1x? and total revenues given by R(x)=385x-0.9x?.;a) Form the profit function;b) Find the maximum profit

Paper#33231 | Written in 18-Jul-2015

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