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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:
- 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
- Determine the short-run profit-maximizing price.
- Plot this information on a graph showing AC, AVC, MC, P, and MR.
- 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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