Question

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:

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.