A firm has the following revenue and cost functions. TR= 60 - Q - Q2 TC = 1/2 Q2 + 30 Q + 30 Determine the profit maximization under quantity under monopoly
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A firm has the following revenue and cost functions.
TR= 60 - Q - Q2
TC = 1/2 Q2 + 30 Q + 30
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- Give only typing answer with explanation and conclusion The market demand for a monopoly firm is estimated to be: Qd = 100,000 - 500P + 2M + 500PR where Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2016. The average variable cost function is estimated to be AVC = 520 - 0.03Q + 0.000001Q2 Total fixed cost in 2016 is expected to be $4 million. The profit-maximizing price for 2016 is $80. $100. $260. $520. $560.X company is a monopoly. Demand equation in this market is given as: ? = 100 − 2P and total cost equation is as the following: ?? = 2? 2 + 10. Find monopoly quantity, price and profit.The total revenue curve for a firm is given by TR = 2Q. Multiple Choice The firm is definitely a monopolist. The firm is definitely not a monopolist. The firm may be a monopolist or a perfectly competitive firm. One cannot tell from the equation what market form applies.
- The Lumins Lamp Company, a producer of old-style oil lamps, estimated the following demand function for its product:Q = 120,000 - 10,00Pwhere Q is the quantity demanded per year and P is the price per lamp. The firm’s fixed costs are $12,000 and variable costs are $1.50 per lamp.a. Write an equation for the total revenue (TR) function in terms of Q.b. Specify the marginal revenue function.c. Write an equation for the total cost (TC) function in terms of Q.d. Specify the marginal cost function.e. Write an equation for total profits (π) in terms of Q. At what level of output (Q) are total profitsmaximized?What price will be charged? What are total profits at this output level?f. Check your answers in Part (e) by equating the marginal revenue and marginal cost functions, determined in Parts (b) and (d), and solving for Q.g. What model of market pricing behavior has been assumed in this problem?(Market Power) In a monopoly market, the demand function is Q = 200 - P/3, while the total cost function is C = 285 + 20Q. 4c. Calculate the balance of P, Q, and Profit. 4d. Calculate the market power (Lerner Index) of the company. Thank you for the help Bartleby!The industry demand function for bulk plastics is represented by the following equation:P = 800 - 20Qwhere Q represents millions of pounds of plastic.The total cost function for the industry, exclusive of a required return on invested capital, isTC = 300 + 500Q + 10Q2where Q represents millions of pounds of plastic.a. If this industry acts like a monopolist in the determination of price and output, compute the profit-maximizing level of price and output.b. What are total profits at this price and output level?c. Assume that this industry is composed of many (500) small firms, such that the demand function facing any individual firm isP = $620Compute the profit-maximizing level of price and output under these conditions (the industry’s total cost function remains unchanged).d. What are total profits, given your answer to Part (c)?e. Because of the risk of this industry, investors require a 15 percent rate of return on investment. Total industry investment amounts to $2 billion. If the…
- Suppose the MTR is a natural monopolist with constant marginal cost. Draw adiagram to indicate the profit-maximizing number of passengers, the profitmaximizing price, and the size of the profit.Q18 Marginal revenue is less than price for a single-price monopolist because it... a. Charges a price higher than the unit production cost. b. Must worry about how its price setting will lead to entry by other firms. c. Must lower its price for all units if it wants to sell more of the product. d. Does not affect the selling price through its output decisions. e. Has achieved economies of scale.Q1. A firm faces the following average revenue (demand) curve: P = 100 - 0.01Q where Q is weekly production and P is price, measured in cents per unit. The firm’s cost function is given by C = 50Q + 30,000. Assuming the firm maximizes profits, a. What is the level of production?
- A monopoly can sell 20 units of output for $18 per unit. Alternatively it can sell 21 units of output for $16 per unit. The marginal revenue of the 21st unit of output is... [If the answer is negative, please include the minus sign in your answer]If, in a monopoly market, the demand function for a product is p = 160 − 0.10x and the revenue function is R = px, where x is the number of units sold and p is the price per unit, what price will maximize revenue?$ ______Chillman Motors, Inc., is an oligopolist and faces the following kinked demand curve: The demand function can be expreseed algebraically as: P= 200-0.4Q when 0<Q<50 280-2Q when Q>50 Calculate the marginal revenue function facing chillman? Chillman's total cost function is TC=500+40Q+0.5Q2 Chillman maximizes profit by selling units at a price of $ per unit.
