Final Review 1

Final Review 1 - (b) Find the quantity that maximizes the...

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MATH 1331 Spring 2006 Final Exam Review #1 Average Cost is ¯ C ( x ) = C ( x ) x CHAPTER 1: BUSINESS AND REGRESSION 1. Suppose for a salt manufacturer, fixed costs were $235,487 and it cost $206.68 to produce each ton of salt. The plant sold salt at $266.67 per ton. (a) Find the cost function C ( x ) (b) Find the revenue function R ( x ) (c) Find the profit function P ( x ) (d) Find the break-even quantities 2. Suppose that 10,000 units of a certain item are sold per day by the entire industry at a price of $150 per item and that 8000 units can be sold per day by the same industry at a price of $200 per unit. Find the demand equation assuming it is a straight line. 3. Given that the price demand function is p ( x ) = 55 - . 2 x, (a) Find the revenue function.
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Unformatted text preview: (b) Find the quantity that maximizes the revenue function. (c) Find the maximum revenue. 4. A software company collects the following data, where x is output in thousands of disks, and y is the cost in thousands of dollars. x 16 22 35 48 53 70 100 y 4.8 5.9 7 9 10 12 18 (a) Determine the best tting quadratic. (b) What does the quadratic model predict the cost will be when output is 40,000 disks? (c) What does the quadratic model predict the output will be when the cost is $8,000? (d) What is the marginal cost? (e) What is the marginal cost when x = 30 and interpret. (f) What is the average cost? (g) What is the marginal average cost?...
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