Quiz 6

Date: MATH 1090-4 - Fall 2003

Note: Unless stated otherwise, answers without justification receive no credit. Please, show your work!

1. If the supply function for a commodity is $p=q^2+8q+16$ and the demand function is $p=-3q^2+6q+436$, find the equilibrium quantity and equilibrium price.

2. A company has fixed costs of $ 28000 and variable costs of $0.4x+222$ dollars per unit, where $x$ is the total number of units produced. Also, the selling price of its product is $1250 - 0.6x$ dollars per unit.
   1. Write the total cost function $C(x)$.
   2. Write the total revenue function $R(x)$.
   3. Write the total profit function $P(x)$.
   4. Find the break even point(s).
   5. Find the maximum revenue.