Started on Tuesday, 20 February 2024, 8:05 PM
State Finished
Completed on Tuesday, 20 February 2024, 8:17 PM
Time taken 11 mins 54 secs
Grade 100.00 out of 100.00
Question 1
Correct
Mark 6.00 out of 6.00
Suppose the cost of manufacturing 10 units of a product is R40 and the cost of
manufacturing 20 units is R70. If the cost C is linearly related to output Q (units
produced), the cost of producing 35 items is
a. R115, 00
b. R71, 67
c. R113, 33
d. R15, 00
Your answer is correct.
The correct answer is:
R115, 00
The demand and cost functions of a commodity are given by the equations
Demandfunction : Q = 6 000 − 30P
and
Costfunction : C(Q) = 5 000 + 2Q,
where P and Q are the price and quantity, respectively. The total revenue function
(T R) in terms of P is
a. T R = 6000 − 30P 2
b. T R = 6000 − 30P
c. T R = P (6000 − 30P )
d. T R = 6000 + 30P
Your answer is correct.
The correct answer is:
T R = 6000 − 30P 2
Question 3
Correct
Mark 6.00 out of 6.00
The demand and cost functions of a commodity are given by the equations
Demandfunction : Q = 6000 − 30P
and
Costfunction : C(Q) = 5 000 + 2Q,
where P and Q are the price and quantity, respectively. What is the company’s pro�t
function?
a. P rofit = −30P 2 + 6 060P − 17 000
b. P rofit = −30P 2 + 6 060P − 7 000
c. P rofit = −30P 2 + 5 940P + 7 000
d. P rofit = −30P 2 + 5 940P − 17 000
Your answer is correct.
The correct answer is:
P rofit = −30P 2 + 6 060P − 17 000
2 of 8 2024/02/20, 20
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SmartTutors. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.