Question

Q.4 Timkin bearings a manufacturer of bearings have a fixed cost of manufacturing as
Rs. 2000 and a variable cost of production as Rs. 5 per unit. If the supply function of
the firm is given by q = 500 + 5p, where p is the market price of the bearings and q is
the quantity supplied, then find the cost function in terms of price p. Also calculate
what should be the price charged in order to earn a profit of Rs. 48,000?​

Answer 1

Answer:

Timken bearing a manufacturer of bearing have a fixed cost of manufacturing as rupees 3000 that you know and variable cost of production as rupees 5 p.m. that also you know if the supply function of the firm is given by EQ equal to 500 Plus 5t is the marketing price of the bearing and q is the quantity supplied then find the cost function in term of the price p so everything is