The XYZ Manufacturing Company Produces Ball Bearings

question 30

Short Answer

The XYZ manufacturing company produces ball bearings. The annual fixed cost is $20,000 and the variable cost per ball bearing is $3. The price is related to demand according to the following equation: 1000 - 8p.
-What is the optimal profit?

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Definitions:

F-ratio

A statistic calculated in analysis of variance (ANOVA) tests, comparing the variability between group means to the variability within groups.

Numerator

The top number in a fraction that indicates how many parts of the whole or collection are being considered.

Denominator

The bottom part of a fraction that indicates the total number of equal parts the whole is divided into.