(a)
(b)
(c)
(d)
(e)
2. (1.2) The quantity demanded for a certain brand of CD players is 200 units when the unit price is set at $90. The quantity demanded is 1200 units when the unit price is $40. Find the demand equation.
3. (1.2) Suppose that the demand and price for potato chips are related by where p is the price in dollars and q is the quantity demanded in tens of thousands. Also, suppose the price and supply of the potato chips are related by where p is the price in dollars and q is the quantity supplied in tens of thousands.
(a) Find the equilibrium quantity.
(b) Find the equilibrium price.
4. (1.2) Suppose producing x tires cost and the revenue is where and are in dollars.
(a) What is the profit function?
(b) What is the break-even quantity?
5. (10.2) The financial department in a company that produces an automatic camera arrived at the following price-demand function and cost function: , where p represents the wholesale price per camera at which x million cameras can be sold. Also, is the cost (in millions of dollars) for manufacturing and selling x million cameras.
(a) Find the Revenue Function.
(b) How many cameras are needed to maximize the Revenue?
(c) What is the maximum Revenue?
(d) Find the Profit function.
(e) How many cameras are needed to maximize the Profit?
(f) What is the maximum Profit?
(g) What should the wholesale price of the camera be in order to maximize Profit?
(h) What are the break even points?
6. (10.2) The “Poage Inflatable Raft Company” manufactures inflatable rafts and finds the price function for the rafts to be where x represents the number of rafts produced and sold and p(x) is the price of the rafts. Furthermore, the fixed and variable costs to produce x rafts are $5600 and $65 per raft, respectively.
(a) What is the Profit function?
(b) How many rafts are needed to maximize the Profit?
(c) What is the maximum Profit?
7.