Question: Question:- The demand function for a certain commodity is p(x) = 10 ? 0.001x, where p is measured in dollars and x is the number

Question:- The demand function for a certain commodity is p(x) = 10 ? 0.001x,
where p is measured in dollars and x is the number of units produced and sold. The total cost of producing x items is C(x) = 50 + 5x
Determine the level of production that maximizes the profit.

Step by Step Solution

★★★★★

3.48 Rating (148 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The detailed answer for the above question is provided below Solution As per the ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

The demand function for a certain commodity is p = 5 x/10. Find the consumer surplus when the sales level is 30. Illustrate by drawing the demand curve and identifying the consumer surplus as an...

The demand function for a certain commodity is given by p = 100e-q/2. (a) At what price per unit will the quantity demanded equal 6 units? (b) If the price is $1.83 per unit, how many units will be...

The demand curve for a certain commodity is p = - .001q + 32.5. (a) At what price can 31,500 units of the commodity be sold? (b) What quantities are so large that all units of the commodity cannot...

Let q = f (p) be the demand function for a certain commodity, where q is the demand quantity and p the price of 1 unit. We defined the elasticity of demand as (a) Find a differential equation...

If the demand equation for a certain commodity is p = 45/(ln x), determine the marginal revenue function for this commodity, and compute the marginal revenue when x = 20.

Suppose that the demand equation for a certain commodity is q = 200 2p 2 (for 0 p 10). a. Express the elasticity of demand as a function of p. b. Calculate the elasticity of demand when the price...

The demand function for a certain brand of gel pens is while that of a second commodity is Is the second commodity more likely to be pencils or paper? Explain. D(P, P) = = 700 700 - 4pi + 7PP

The demand function for a certain product is q = -300p + 10,000. The fixed expenses are $500,000 and the variable expenses are $2 per item produced. a. Express the expense function in terms of q. b....

The demand function for a certain product is given by p= 500 + 1000 / q+1 Where p is the price and q is the number of units demanded. Find the average price as demand ranges from 49 to 99 units.

The demand function for a certain product is p = 100/(1+2x). If the equilibrium quantity is 12 units, what is the consumer's surplus? In the following equation p and C are in dollars and x is the...

Bryant Co. reports net income of $20,600. For the year, depreciation expense is $7,600 and the company reports a gain of $3,600 from sale of machinery. It also had a $2,600 loss from retirement of...

Furniture City Bikes would like a firm quote of two materials; Deluxe Touring Bike (Black) and Women's Off Road Bike. GBI has determined to use SAP ERP in order to quickly react to the customer...

It is essential to understand what constitutes ethical research practices in qualitative research. After reviewing the Learn material for this module and conducting your own outside research, please...

ONLINE CLOTHING STORE Step 2: Recommend Offensive Dynamic Pricing Strategy Your Virtual Internship coordinator asked you to develop an offensive dynamic pricing strategy by identifying products to...

Describe ERP and how it can create efficiency within a business

6-box diagnostic model for gamestop and best buy identifies and measures the relevant aspects of the organization's performance. Apply the data obtained in your research through an analysis of the...

How many times has the Fed changed reserve requirements since1995? A. only once. B. never. C. about once a year. D. only twice.

Q1) What is the a3 Value Q2) What is the a7 Value Q3) What is the a4 Value Q4) What is the b3 Value Q5) What is the b2 Value Q6) What is the sign of 2nd constraint? A pastry chef at a bakery wants to...

Suppose the weekly marginal revenue function for selling x units of a product is given by the graph in the figure. (a) At each of x =150, x = 250, and x = 350, what is happening to revenue? (b) Over...

A recently released film has its weekly revenue given by R (t) = 50t / t2 + 36, t 0 where R(t) is in millions of dollars and t is in weeks. (a) Graph R(t). (b) When will revenue be maximized? (c)...

Suppose that the revenue in dollars from the sale of x campers is given by R(x) = 60,000x + 40,000(10 + x)-1 - 4000 (a) Find the marginal revenue when 10 units are sold. (b) How is revenue changing...

Your Talent Agency Ltd.'s unadjusted and adjusted trial balances at December 31, 2017, are shown below. Requirements 1. Make the adjusting entries that account for the difference between the two...

During 2017, Many Miles Trucking paid salary expense of $40 million. At December 31, Many Miles accrued salary expense of $2 million. Many Miles paid $1.9 million to its employees on January 3, 2018,...

A company's balance sheet at December 31, 2015, 2016, and 2017 and income statement for the years ended December 31, 2015, 2016, and 2017 include the data on pages 169-170. Requirements Use the years...