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2 items are filed under this topic.
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Maximize his profit |
2007-11-12 |
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From apoorva:
During the summer months Terry makes and sells necklaces on the beach. Last summer he sold the necklaces for $10 each and his sales averaged 20 per day. When he increased the price by $1, he found that he lost two sales per day.
a. Find the demand function, assuming it is linear.
b. If the material for each necklace costs Terry $6, what should the selling price be to maximize his profit?
Answered by Penny Nom. |
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Maximizing profits II |
2007-10-05 |
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From a student:
Suppose there are three firms with the same demand function. The function is Q=1000-40P. Each firm also a a cost function.
Firm 1: 4000+5Q,
Firm 2: 3000+5Q,
Firm 3: 3000+7Q.
What price should each firm charge if it wants to maximize profits.
Answered by Harley Weston. |
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