Three Production Processes - A, B, and C - Have

question 29

Essay

Three production processes - A, B, and C - have the following cost structure:​
​ ​
a.
What is the most economical process for a volume of 8,000 units?
b.​
How many units per year must be sold with each process to have annual profits of $50,000 if the selling price is $6.95 per unit?
c.
What is the break-even volume for each process?

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Definitions:

Price Elasticity

A measure in economics that shows how the quantity demanded of a good or service responds to a change in its price.

Bushels

A unit of volume that is used primarily in the United States to measure agricultural produce, such as grains, fruits, and nuts.

Pecks

A traditional unit of volume used for dry goods, equivalent to approximately 9 liters or a quarter of a bushel.

Demand Function

A mathematical formula representing the relationship between the quantity of a good consumers are willing to buy and the price of the good, alongside other factors like income and the prices of related goods.