need max profit function Total Profit: P (Q) =...

80.2K

Verified Solution

Question

Accounting

need max profit function
image
image
Total Profit: P (Q) = 5Q + (2,450.17 +1.17Q) P (Q) = 3.83Q + 2,450.17 Let's assume on average we sell 100 hotdogs per day. P (Q) = $5 (R per hotdog) - $1.17 (TC per hotdog) = $3.83 (P for 1 hotdog). $3.83 (P for 1 hotdog) x 100 (Average sold hotdogs) = $383 (P per day) I Marginal Cost: P(Q) = $6 (R per hotdog) - $1.17 (TC per hotdog) = $4.83 (P for 1 hotdog). $4.83 (P for 1 hotdog) x 100 (Average sold hotdogs) = $483 (P per day) Product Price Quantity Total cost for 1 Buns $2.99 8 8 $0.37 Wieners $2.39 10 $0.24 $1,849 1 $1,849.00 $9.35 50 Hot dog cart Ketchup packets Mayonnaise packets Mustard packets Total Cost $0.19 $0.20 I $11.99 60 $6.98 40 $0.17 $1,850.17 Total Profit: P (Q) = 5Q + (2,450.17 +1.17Q) P (Q) = 3.83Q + 2,450.17 Let's assume on average we sell 100 hotdogs per day. P (Q) = $5 (R per hotdog) - $1.17 (TC per hotdog) = $3.83 (P for 1 hotdog). $3.83 (P for 1 hotdog) x 100 (Average sold hotdogs) = $383 (P per day) I Marginal Cost: P(Q) = $6 (R per hotdog) - $1.17 (TC per hotdog) = $4.83 (P for 1 hotdog). $4.83 (P for 1 hotdog) x 100 (Average sold hotdogs) = $483 (P per day) Product Price Quantity Total cost for 1 Buns $2.99 8 8 $0.37 Wieners $2.39 10 $0.24 $1,849 1 $1,849.00 $9.35 50 Hot dog cart Ketchup packets Mayonnaise packets Mustard packets Total Cost $0.19 $0.20 I $11.99 60 $6.98 40 $0.17 $1,850.17

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students