Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cousin Brady has tried to analyze his business lines to find the optimal point of production. The supply function for their product is represented

Cousin Brady has tried to analyze his business lines to find the optimal point of production. The supply 

Cousin Brady has tried to analyze his business lines to find the optimal point of production. The supply function for their product is represented by the equation P=8Q + 200 and the demand function for a product line of a business is represented by the equation P-800-16Q. i) sketch and Determine the equilibrium point of these equations. [5] Cousin Brady hires an advertising company to help boost their sales and revenue. The advertising company relaunches their product line and is able to derive the following quadratic equation for the profit function. Profit-1612 +48t + 100 ii) Assuming the profit is 0. solve the above equation to find the value of P. [4] iii) Find the marginal profit. iii) A farmer of a large farm of poultry announced that egg production per month follows the equation; W = 3m - m m + 10 Where w Total no of eggs produced per month m-amount in kilograms of layers mash feed. Find the rate of egg production for the farm Iv] find the integral of the function y=3x [3] [4]

Step by Step Solution

3.46 Rating (156 Votes )

There are 3 Steps involved in it

Step: 1

i To find the equilibrium point we set the supply function equal to the ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics An Intuitive Approach with Calculus

Authors: Thomas Nechyba

1st edition

538453257, 978-0538453257

More Books

Students also viewed these Mathematics questions

Question

Calculate the missing value.

Answered: 1 week ago