Purchase Solution

Finite Math: Supply and Demand and Cost Function

Not what you're looking for?

Ask Custom Question

2) Supply and Demand. Let the supply and demand functions for sugar be given by

p = S(q) = 1.4q - .6 and
p = D(q) = -2q + 3.2,

where p is the price per pound and q in the quantity in thousands of pounds.

a. Graph these on the same axes.
b. Find the equilibrium quantity and the equilibrium price.
3) Publishing Cost. Enrique Gonzales owns a small publishing house specializing in Latin American poetry. His fixed cost to produce a typical poetry volume is $525, and his total cost to produce 1000 copies of the book is $2675. His books sell for $4.95 each.

a. Find the linear cost function for Enrique's book production.
b. How many poetry books must he produce and sell in order to break even?

Purchase this Solution

Solution Summary

A Supply and Demand and Cost Function are solved.

Solution Preview

a)refer to the attachment
b) from the system:
p = 1.4q - 0.6 (1)
p = -2q + 3.2 (2)
(1)-(2): 0 = 3.4q-3.8 or q*=1.12 (thousand ...

Purchase this Solution


Free BrainMass Quizzes
Solving quadratic inequalities

This quiz test you on how well you are familiar with solving quadratic inequalities.

Geometry - Real Life Application Problems

Understanding of how geometry applies to in real-world contexts

Multiplying Complex Numbers

This is a short quiz to check your understanding of multiplication of complex numbers in rectangular form.

Probability Quiz

Some questions on probability

Exponential Expressions

In this quiz, you will have a chance to practice basic terminology of exponential expressions and how to evaluate them.