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need max profit function Total Profit: P (Q) = 5Q + (2,450.17 +1.17Q) P (Q) = 3.83Q + 2,450.17 Let's assume on average we sell
need max profit function
Total Profit: P (Q) = 5Q + (2,450.17 +1.17Q) P (Q) = 3.83Q + 2,450.17 Let's assume on average we sell 100 hotdogs per day. P (Q) = $5 (R per hotdog) - $1.17 (TC per hotdog) = $3.83 (P for 1 hotdog). $3.83 (P for 1 hotdog) x 100 (Average sold hotdogs) = $383 (P per day) I Marginal Cost: P(Q) = $6 (R per hotdog) - $1.17 (TC per hotdog) = $4.83 (P for 1 hotdog). $4.83 (P for 1 hotdog) x 100 (Average sold hotdogs) = $483 (P per day) Product Price Quantity Total cost for 1 Buns $2.99 8 8 $0.37 Wieners $2.39 10 $0.24 $1,849 1 $1,849.00 $9.35 50 Hot dog cart Ketchup packets Mayonnaise packets Mustard packets Total Cost $0.19 $0.20 I $11.99 60 $6.98 40 $0.17 $1,850.17 Total Profit: P (Q) = 5Q + (2,450.17 +1.17Q) P (Q) = 3.83Q + 2,450.17 Let's assume on average we sell 100 hotdogs per day. P (Q) = $5 (R per hotdog) - $1.17 (TC per hotdog) = $3.83 (P for 1 hotdog). $3.83 (P for 1 hotdog) x 100 (Average sold hotdogs) = $383 (P per day) I Marginal Cost: P(Q) = $6 (R per hotdog) - $1.17 (TC per hotdog) = $4.83 (P for 1 hotdog). $4.83 (P for 1 hotdog) x 100 (Average sold hotdogs) = $483 (P per day) Product Price Quantity Total cost for 1 Buns $2.99 8 8 $0.37 Wieners $2.39 10 $0.24 $1,849 1 $1,849.00 $9.35 50 Hot dog cart Ketchup packets Mayonnaise packets Mustard packets Total Cost $0.19 $0.20 I $11.99 60 $6.98 40 $0.17 $1,850.17 Step by Step Solution
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