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Quantitative Analysis report on the following problems: The manufacturer of high-quality flatbed scanners is trying to decide what price to set for its product. The

Quantitative Analysis report on the following problems:

  1. The manufacturer of high-quality flatbed scanners is trying to decide what price to set for its product. The costs of production and the demand for product are assumed to be as follows: TC = 500,000 + 0.85Q + 0.015 Q2 Q = 14,166 - 16.6P
    1. Determine the short-run profit-maximizing price.
    2. Plot this information on a graph showing AC, AVC, MC, P, and MR.
  2. An amusement park, whose customer set is made up of two markets, adults, and children, has developed demand schedules as follows:
Price($)Quantity
Adults Children
5 15 20
6 14 18
7 13 16
8 12 14
9 11 12
10 10 10
11 9 8
12 8 6
13 7 4
14 6 2

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