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a) A supply function indicates the number of units of a commodity that suppliers are willing to bring to the market place as a function of price consumers are willing to pay. The function is qs = 0.5p2 – 200, determine the following:  i: What class of function is this? ii: What quantity can be supplied if the market price is Rs. 30 & Rs. 50? iii: What price would result in 0 unit being brought to the market place? b) A manufacturer of microcomputers produces three different models. The annual fixed cost is $25 million. The following table summarizes the data.  Microcomputer Model 1 Model 2 Model 3 Wholesale price/unit $500 $1000 $1500 Material cost/unit $175 $400 $750 Labor cost/unit $100 $150 $225 a. Determine a joint revenue function for sale of three different Microcomputer models. b. Determine an annual total cost function for manufacturing the three models. c. Determine the profit function for sales of the three models. d. What is the annual profit if the firm sells 20,000, 40,000, and 10,000 units respectively of three models?

- November 14, 2022 - Edwin Tunner

a) A supply function indicates the number of units of a commodity that suppliers are willing to bring to the market place as a function of price consumers are willing to pay. The function is qs = 0.5p2 – 200, determine the following: 
i: What class of function is this?
ii: What quantity can be supplied if the market price is Rs. 30 & Rs. 50?
iii: What price would result in 0 unit being brought to the market place?

b) A manufacturer of microcomputers produces three different models. The annual fixed cost is $25 million. The following table summarizes the data. 
Microcomputer
Model 1 Model 2 Model 3
Wholesale price/unit $500 $1000 $1500
Material cost/unit $175 $400 $750
Labor cost/unit $100 $150 $225

a. Determine a joint revenue function for sale of three different Microcomputer models.
b. Determine an annual total cost function for manufacturing the three models.
c. Determine the profit function for sales of the three models.
d. What is the annual profit if the firm sells 20,000, 40,000, and 10,000 units respectively of three models?

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