Question

really need some help on this
given cost function c(x) = 50x + 1500 and the demand function 40p + x = 4000
a) What is level of production when marginal profit is zero?
b) what is price per item when marginal profit is zero?

Answer 1

oh no that is not right, ignore that answer

Answer 2

?

Answer 3

Do you know how to help me?

Answer 4

What is the p in \(40p+x=4000\)?

Answer 5

Price?

Answer 6

I believe it is a variable of demand

Answer 7

it doesnt say what variables are

Answer 8

but c(x) is cost

Answer 9

does that help?

Answer 10

Decision making suggests that price is set on the intersection of supply and demand. Surely if \(p=(f\circ c)(x)\), we need to know the \(f\) transformation before we can find the intersection.

Answer 11

huh?

Answer 12

In short, I'm a math/stat major, but I can't help you because I think the terms have economy-specific meanings.

Answer 13

oh

Answer 14

If you have time for your question to be answered, maybe try http://stats.stackexchange.com/ for people who know what they're doing. Good luck, and cheers!