Answer:P(x) = -3000(x) + 57000
Explanation:
Let the demand function be given by p(x)
Let P(x) be the demand for the match at price x
P(x) = a(x) + b
27000 = a(10) + b
33000 = a(8) + b
Solving we get a = -3000 and b = 57000
Thus P(x) = -3000(x) + 57000
Answer:
a, 22276.07
b. $32.9157 million
c.$29.9669million
Explanation:
Find the values of k and a assuming a relationship of the form Assume that f(y)=ky^a is in units of barrels per day.
b. Determine the optimal timing of plant additions and the optimal size and cost of each plant addition.a=0.8073, rx=0.41
optimal timing x=rx/r=2.05yrs
optimal size xD=2.05(1.5)
3.075million barrels/year
$32.9157 million
c. Suppose that the largest single refinery that can be built with current technology is 7,500 barrels per day. Determine the optimal timing of plant additions and the optimal size and cost of each plant in this case
Optimal size xD=min
Optimal timing will be X^*=x*D/D=2.7375/1.5=1.825 year
optimal cost f(y)=ky^a=0.0223(7500)^0.8073=$29,9669 milion