question archive A firm produces three products which sell, respectively, for $25, $35, and $50
A firm produces three products which sell, respectively, for $25, $35, and $50
Subject:MathPrice:2.87 Bought7
A firm produces three products which sell, respectively, for $25, $35, and $50. Labor
requirements for each product are, respectively, 3.0,4.0 and 3.5 hours per unit. Assume labor costs
are $5 per hour and annual fixed costs are $75,000.
i. Construct a joint total revenue function for the sales of the three products.
ii. Determine an annual total cost function for production of the three products.
iii. Determine the profit function for the three products. Is there anything unusual about
this function?
iv. What is annual profit if 20,000,10,000 and 30,000 units are sold, respectively, of the
three products?
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