3. A bootlegger sells pirated copies of Adobe Photoshop for $12 and finds that he can...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
3. A bootlegger sells pirated copies of Adobe Photoshop for $12 and finds that he can sell 240 copies. The local crime syndicate charges him a tax of $1 per copy sold (his only expense). He finds that if he drops his price by a dollar, he can sell an additional 30 copies. Assuming that demand is linear, determine the price he should set in order to maximize his profit. 3. A bootlegger sells pirated copies of Adobe Photoshop for $12 and finds that he can sell 240 copies. The local crime syndicate charges him a tax of $1 per copy sold (his only expense). He finds that if he drops his price by a dollar, he can sell an additional 30 copies. Assuming that demand is linear, determine the price he should set in order to maximize his profit.
Expert Answer:
Answer rating: 100% (QA)
Given Condition1 1 Adobe photoshop sell 12 No of copies240 total s... View the full answer
Related Book For
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
Posted Date:
Students also viewed these mathematics questions
-
The price p that must be set in order to sell q items is given by the equation p = -3q + 1200. (a) Find and interpret the p-intercept of the graph of the equation. (b) Find and interpret the...
-
A monopolist sets MR = MC in order to maximize profit in the short run. 1. Explain why the monopolists demand and marginal revenue curves are not the same. 2. Graphically show a monopolists short-run...
-
Consider the following statement: In order to maximize value, all firms should maintain a 30/70 debt to equity ratio. Do you believe this statement is correct? Explain your rationale.
-
Given the following points: 2,4,10,12,3,20,30,11,25. Assume k = 3, and that we randomly pick the initial means 1=2, 2=4 and 3=6. Show the clusters obtained using K-means algorithm after one...
-
Fleming Corporation issues $400,000 of 7%, 5-year bonds on January 1, 2014, at 105. Assuming that the straight-line method is used to amortize the premium, what is the total amount of interest...
-
Its possible to use the ideal-gas law to show that the density of the earths atmosphere decreases exponentially with height. That is, = 0 exp(-z/z 0 ), where z is the height above sea level, 0 is...
-
Under what circumstances might a court deny a motion to extend time?
-
CVP, Not for profit Monroe Classical Music Society is a not-for-profit organization that brings guest artists to the communitys greater metropolitan area. The Music Society just bought a small...
-
2. The purchase price of Manhattan Island, where much of the city of New York is concentrated, in the year 1626 was $24. After 391 years in 2017, you wonder what the value of the land might be,...
-
Table P-9 contains data on food expenditures, annual income, and family size for a sample of 10 families. a. Construct the correlation matrix for the three variables in Table P-9. Interpret the...
-
Jack was a jokester. One day he decided to play a practical joke for April Fool's Day. He dressed up with a hat and a mask and went into work intending to play a joke on his boss. He entered his...
-
There are a total of 1,050 workers in the economy, and workers can either seek employment in one of two sectors: Sector 1 or Sector 2. The graph below depicts the marginal revenue product curves for...
-
The contractor was awarded a contract for the construction of a small commercial building for the sum of $192000. The contract period was agreed to be 108 days. The critical path schedule is given...
-
I suggest going with the first option, which is to do the clinical research in Albania. The first approach is the most cost-efficient and successful way to ensure that the drug quickly hits the...
-
compose the blog about myself ( 2500 words)for blog on my portfolio My name is Ivana Zucalo Studying for Digital Marketing Specialist Passionate for Canva, artistic , DYI projects Previously work as...
-
3. Suppose you and your friends look up the prices and quantities of Ramen noodles consumed in the U.S. over the last 10 years. (See figure below.) Your friend Timmy claims this traces out the demand...
-
a. The estimated volatility (0) of Green Corp. is 0.063% and the stock price in 2020 and 2021 were $32.56 and $30.92 respectively. The parameters in the exponential weighted moving average (EWMA)...
-
On January 1, 2018, Khalid Ltd., which follows IAS 17, entered into an eight-year lease agreement for three dryers. Annual lease payments for the equipment are $28,500 at the beginning of each lease...
-
A log carrier has a body made from a 4-ft length of reinforced cloth having a patch on each side and a dowel slid through each end to act as handles. The parts-listing matrix for the log carrier is...
-
The percent p of particulate pollution that can be removed from the smokestacks of an industrial plant by spending C dollars is given by P = 100C / 7300 + C Find the percent of the pollution that...
-
(a) Use a graphing utility to graph f (x) = ln x and f (x - c) = ln (x - c) for c = - 4, - 2, 1, and 5 on the same axes. (b) For each c-value, identify the vertical asymptote and the domain of y = ln...
-
Describe the process of valuing the entrepreneurs ownership interest in a two-stage investment. Refer to Tables 13.10 and 13.13. Data from table 13.10 Data from table 13.13 Market potential...
-
Euro Exchange Rates. The exchange rate that we consider is the amount of euros that one can purchase for one U.S. dollar. We have \(T=699\) daily observations from the period April 1, 2005, through...
-
Evaluate the current yield curve level and structure using the following screens: a. YCRV or GC to access yield curves. b. FWCV to determine implied forward rates. c. USoo03M, USoo06M, USoo09M, and...
Study smarter with the SolutionInn App