Suppose the demand function is q^d= 1.5p^2 – 30p + 50 and supply function is q^s =0.25p^2-50. Determine the price and quantity at which the market reaches its equilibrium point, if the prince domain is RM50<p< RM50
b) a manufacturer has affixed cost of RM84,00 and a variable cost of RM 1.60 per unit made and sold. Selling price is RM 2.20 per unit.
i) Find the cost, revenue and profit functions using Q for number of units
ii) Find the break-even quantity; and
iii) What happens to the break-even quantity if the selling price rises to RM2.40 per unit?
c) Company TRQ Bhd has found that its demand function for its product is p=2320- 8q, where p represent the unit price and q is the quantity demanded for the product.
i) Determiner the revenue function;
ii) Determiner the quantity that will maximize the total revenue; and
iii) Determine the maximum value of the revenue.