ABC company is producing an item at unit cost of Rs.4:
a) If the supply function is, q=160+8p , where q represents the quantity produced and p
represents the market price, then find total cost function in terms of p.
b) What is the market price at which company realizes a total profit of Rs.500?
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Answer:
Explanation:
a) Given: Cost Of 1 item=₹4
To find: The quantity of products and it's price.
Solution: q=160+8p
q =160+8×4 [p=4 (Given)]
q=160+32
q=192
Quantity of item is 192.
Price of 1 item=₹4
Price of 192 item=192×₹4
=₹768
b) Here no selling price and buying price is given.And no discount has been given in this question.So we can't find the profit.
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