A firm, in a perfectly competitive market, produces and sells child car seats. The sales price is $600, the fixed cost are $3,000 and the variable cost are $300 per unit. What is the marginal revenue for the 10th seat sold? Group of answer choices $480 $590 $625 $600
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- Tim's Tires sells tires under the firm's own brand name and private label tires to discount stores. The tires sold in both sub-markets are identical, and the marginal cost is constant at $15 per tire for both types. The firm has estimated the following demand curves for each of the markets: PB = 70 - 0.0005QB (brand name) PP = 20 - 0.0002QP (private label). Quantities are measured in thousands per month and price refers to the wholesale price. a) By selling the brand name and private label tires at different prices, is the firm is using first, second, or third degree price discrimination? b) With price discrimination, the firm's TOTAL profit is _______________ (assume fixed costs are zero). c) If the firm cannot price discriminate and must charge a single price in the market, the optimal price is and the optimal quantity is ________________. The firm's total profit in this case is approximately ________________(again, assume fixed costs are zero). d) When price discriminating, the…A competitive firm sells its product at a price of $0.10 per unit. Its total and marginal cost functions are: TC = 5 - 0.5Q + 0.001Q2 where TC is total cost ($) and Q is output rate (units per time period). a] Determine the output rate that maximizes profit or minimizes losses in the short term.Plum charges £500 for its smartphone, producing a revenue of £8 million per month. It fears that a competitor, MV, will shortly make a price reduction of 10% for its product. The marketing manager is considering whether to match this price reduction in order to try and maintain sales. She has estimated that Plum’s PED is –1.5 and the CED with the competitor’s product is 0.8. The marginal cost is estimated to be 42% of the price. a) Calculate the effect on Plum’s sales volume and revenue assuming it maintains its price at the existing level. b) Calculate how much of a price cut Plum would need to make to maintain its sales volume at the existing level. c) Evaluate whether the price cut is a good strategy
- Your college newspaper, The Collegiate Investigator, has fixed production costs of $90 per edition, and marginal printing and distribution costs of 50¢/copy. The Collegiate Investigator sells for 60¢/copy.a) Write down the associated cost, revenue, and profit functions.b) What profit (or loss) results from the sale of 300 copies of The Collegiate Investigator?c) How many copies should be sold in order to break even?If the current margin is greater than the desired margin? a. Marginal revenue and marginal cost are both zero b. MR=MC c. MR>MC d. MR<MCSpinners World is a fitness equipment company that manufactures spin bikes.The market research department recommends that the company manufacture a new model of spin bikes and presents the following demand equation x = 35000-50p, where x is the demand at $p per bike. (a) Solve the demand equation for p. The financial department also provides the cost function C(x)= 8,000+200x. (b) Analyse the revenue and profit function to produce x bikes while Identifying what the marginal revenue and the marginal profit equation signifies. (c) Determine the exact and approximate revenue from manufacturing the 31st spin bike.
- Amir operates a large lobster boat. The operating cost for the boat is $2,250 each day. At the end of each day, he sells allhis freshly caught lobster to either the local restaurant or the local grocery store with the following conditions:.The price per pound that the restaurant is willing to pay follows a triangular distribution with minimum value $1.50,maximum value $5.50, and likeliest value $3.50.• The price per pound that the grocery store is willing to pay is decreasing with more lobsters: $3.85 - $0.0005 *y,where y is the total lobster amount sold in pounds.• The amount of lobster that Amir catches in a single day follows a normal distribution with mean 1,500 pounds andstandard deviation sqrt(12,500) pounds.Amir decides to sell a fixed percentage of lobster to the local restaurant and the rest to local grocery stores. Using eithermath or simulation, can you help Amir determine what percentage he should choose in order to maximize his expected profitin the long run?Moses Inc. is a small electric company that provides power to customers in a small rural area in the Southwest. The company is currently maximizing its profits by selling electricity to consumers at a price of $0.15 per kilowatt-hour. Its marginal cost is $0.05 per kilowatt-hour, and its average cost is $0.15 per kilowatt-hour. A government regulator is considering a proposal to regulate the firm’s price at $0.05 per kilowatt-hour. Would such a policy improve social welfare? ExplainA company has determined that the price and the monthly demand of one of its products are related by the following equation: Q = 300 - p. The associated fixed costs are $1,500 per month and the variable costs are $100 per unit. What is the maximum profit? What is the range of profitable demand?
- The global pandemic 2020 has promoted a race to capture the market for introducing effective vaccine and treatments. A) If PFIZER is the sole vaccine provider given the following information, answer the questions below: Output Price/Unit Total Cost 1 5500 1000 2 5000 1200 3 4500 1500 4 4000 2500 5 3500 4000 6 3000 5700 7 2500 7500 8 2000 9400 9 1500 11400 10 1000 13500 (i) Given the tabular information above find the profit-maximizing output and price also illustrate the same using the two-dimensional labeled diagram. Show the calculation as well. B) Assume if many firms enter into the business of providing vaccine determine: (i) How the demand curve of PFIZER would change and how it would now maximize its profit? The kind of market structure now PFIZER is forced…Zar Island Gas Company is the sole producer of natural gas in the remote island country of Zar. The company's operations are regulated by the State Energy Commission. The demand function for gas in Zar has been estimated as: P = 1,000 − .2Qwhere Q is output (measured in units) and P is price (measured in dollars per unit). Zar Island's cost function is: TC = 300,000 + 10QThe firm's asset base is $4 million.In the absence of any government price regulation, determine Zar Island's optimal (i) output level, (ii) selling price, (iii) total profits, and (iv) rate of return on its asset base.Energy-intensive industries (e.g. iron and steel) are price insensitive as it relates to energy prices. In addition, most energy production technologies have very stable cost structures as the cost is almost entirely up-front (and not operational). i.e. once a power plant is built, each kW of energy produced roughly costs the same. Which of the following would best represent this market?