A noncompetitive firm has the following total cost function: TC = 3Q³ – 40Q² + 250Q + 900 If the demand function for the firm's product is P = 2000 – 40Q. Find the firm's profit maximizing level of output and profit.
Q: Find the marginal revenue function for the total revenue function given by 1 TR(Q) = 500Q- Find the…
A: a)TR(Q)=500Q-13Q3Now,MR=∂TR∂QMR=∂(500Q-13Q3)∂QMR=500-33Q3-1MR=500-Q2
Q: Suppose a firm has a marginal cost function given by MC(q)= q+1. What is the firm's total cost…
A:
Q: The smallest positive level of output that the firm will produce is equal to Q4 Q2 Q3 Q1
A: The profit-maximizing level of output is that point where two conditions hold true, that is marginal…
Q: A small tie shop finds that at a sales level of x ties per day its marginal profit is MP(x) dollars…
A: Given:MP(x)=1.60+0.10x-0.0012x2Now,MP(x)=P'(x)Thus,P'(x)=∫(1.60+0.10x-0.0012x2)dxP'(x)=1.60x+0.05x2-…
Q: The inverse demand function and cost function is given by P= 50-2Q and C = 10+2Q Calculate the total…
A: Demand function, P = 50 -2Q Cost function , C= 10 +2Q
Q: Q5: If the marginal cost (MC) of a firm is a function of output, C'( Q) = 10e0.5Q , and if the fixed…
A: If we have the marginal cost function, we can integrate to find the total cost. MC= 10e0.5Q…
Q: The total revenue curve of a firm is R (q) = 40q - 12q2 and its average cost A(q) = 1/30q2 - 12.85q…
A:
Q: Given a cost function C(x) = x 2 +50x+200 and a demand curve p = 200 − 2x, find the number of units…
A: Profits are the excess of revenue receipts over the costs incurred in the production of activities.
Q: A firm can sell its output at the price p=10 per unit. The firm’s cost function is C=16+q2 To…
A: Given: P=10 per unit Cost Function : C=16+q2
Q: Mathematical Economics If fixed cost are 20, variable cost per unit are 2 and the demand function is…
A: here we calculate the profit , by reducing the cost from revenue , and by using the given…
Q: A firm employs a Cobb-Douglas production function of the form Y = K04L04. The output price is P and…
A: Profit maximization is one of the key goals of all firms operating in a market. Profit is the…
Q: C = 250,000 + 40Q + 0.01Q2, and market demand function: P = 940 – 0.02Q (a) Determine…
A: Total cost function represents the total cost as the sum of the fixed costs and the variable costs…
Q: A company can sell x units of a product when the price is p = D(x) = 5.00 – 0.006x dollars. The…
A: Marginal profit is the profit earned by a firm after the production and sale of an additional unit.
Q: A firm’s objective is to Maximize Profits and Minimize Costs. Demand is Q = 600 – 3*P. The firm’s…
A:
Q: An ice cream company finds that at a price of $4.00 for each pint, they can sell 4000 pints of ice…
A: A demand function expresses the relationship between quantity demanded of a good and its price. An…
Q: The inverse demand for tea is given by P = 12 – 0.03Q, where Pis the price per a gram of tea and Qis…
A:
Q: Consider a firm's total profit (TP) function as follows: TP = 50Q - Q2 (Q refers to the quantity of…
A: Profit = total revenue - total cost
Q: (b) The marginal cost of two firms is given by the following C'(Q) - 100e 10 TC= 3000 when Q = 0 TC…
A: With the given information the following is solved in the next steps.
Q: The inverse demand for tea is given by P= 8 – 0.03Q, where Pis the price per a gram of tea and Q is…
A: Both shop have same cost structure and therefore their reactions function and the output are going…
Q: Suppose the (inverse) demand for a firm’s product is given by P = 10−2Q and the cost function is…
A:
Q: The total cost of a firm is TC(Q)=4Q2+6Q+34. Accordingly, its marginal cost is 2*4*Q+6 when its…
A: Answer to the question is as follows :
Q: . The monthly fixed cost of a company which produces basketball is RM 100 and the variable cost per…
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…
Q: The demand function for a firm is; Qd = 122,000 - 500P + 4M +10,000PR where, Qd is quantity…
A: Firms profit maximization point is achieved where : Marginal Revenue = Marginal Costs
Q: Suppose the long-run total cost function is C(q) = 4q². The cost-output elasticity is %3D equal to
A: Cost elasticity (also known as cost-output elasticity) evaluates the responsiveness of total cost…
Q: A firm’s demand function is P= 60 − 0.5Q If fixed costs are 10 and variable costs are Q + 12 per…
A: Profit is the amount which a producer earns over and above of all the costs. We can calculate profit…
Q: There are 100 consumers on the market for product X. The individual demand function is the same and…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Suppose the average total cost (ATC) of a firm is given as 4 ATC = Q +- Find the output(Q) that…
A: Sine you have posted multiple question, as per guideline, we are supposed to solve first question…
Q: For a firm’s product, the demand function is p =72−0.04q and the average cost function is i. ¯ c =…
A: Answer: Given information: P (price) = 72 – 0.04q Where q is the quantity To find: Output at which…
Q: Suppose the cost function for a firm is given by C(q) = 200 + 5q. Then: (i) the fixed cost is (ii)…
A: If the cost function of a firm is given as: C(q): 200+5q One can identify other cost function as…
Q: The cost function for the manufacture of x number of goods by a company is C(x) = xvx³ - 10x² +…
A: a.) To find the level of output at which the cost is minimum, find the first-order condition by…
Q: Dwight is selling baskets of beets. If the profit in selling a baskets is P(x) = 200x² 3 200x + 400…
A: A profit function is a mathematical formula that relates a company's total profit to its output. It…
Q: Consider a firm that has the following production function: Y = min{x₁, ½x2}. The inputs' prices are…
A: Both inputs are used in the fixed proportion. This is a case of complementary inputs.
Q: A street musician bought a new fiddle for $850.00. Assume she breaks 1 string each hour and can buy…
A: Cost is a sum of fixed cost and variable cost. Fixed cost does not depend on hours worked on playing…
Q: given the function c(x) = 100 + 8x + 0.1x^2 find the marginal profit At x = 50 if the price per unit…
A: given c(x) = 100 + 8x + 0.1x^2 x = 50 and price per unit (P)= 20
Q: The cost function for producing x items is C(x)=x2-3x+625. a.Find the average cost function. b.What…
A: According to guidelines, first 3 subparts needs to be answered. Average cost is total cost divided…
Q: The total cost function is C(q) = q³ – 59q² + 315q + 200 and the revenue function is R(q) = 1000q –…
A: The total cost of production refers to the monetary value of inputs used by the firm in the…
Q: A firm's demand function is Q = 16 – P and its total cost function is defined as TC = 3 + Q + 0.25Q2…
A: Equilibrium in economics is the state of stability and balance. Any deviation from this level will…
Q: Find an expression for the profit function given the demand function 2Q + P = 24 and the average…
A: 2Q + P = 24 P = 24-2Q AC = 48/Q + 4
Q: A price-taking firm's variable cost function is C = Q3, where Q is the output per week. It has an…
A: Given, Variable cost (VC): C = Q3 Fixed cost (FC) = $1,024 Marginal cost (MC) = 3Q2 Price (P) = $192
Q: Jack's car repair factory has the Total Cost function TC(Q)=3.30³-540-8 where Q stands for the…
A: Cost Function The functional relationship between cost and output is referred to as the cost…
Q: computer retailing company specializes in the sale of jump drives to community college udents. The…
A: Given : Demand Function : p=2x2+10x+1000 Average Cost Function : c¯=2x2+36x-1600-20x
Q: Find the total cost function C(Q) for each firm
A: Total cost is the expenditure that is incurred in the production of goods and services in an…
Q: If C(x) = 19,000 + 400x – 3.6x2 + 0.004x³ is the cost function and p(x) = 1,600 – 9x is the demand…
A: Given: TC(x)=19,000+400x-3.6x2+0.004x3 P(x)=1,600-9x Now, TR=P×Q TR=(1600-9x)x (where x is…
Q: A company is able to sell two products ,X and Y with demand function: PX=52-2X PY=20-3Y THE…
A: To determine the profit-maximizing levels of output for X and Y, and the level of profit, we must…
Q: It has been determined that the cost of producing x units of a certain item is 8x + 365. The demand…
A: Revenue is the income earned by selling the product at given price level. Revenue function is the…
Q: A competitive firm uses two variable factors to produce its output, with a production function y =…
A: Y = min(x1,x2) P(x1) = w1 = $8 P(x2) = w2 = $5 Q ≤ 10 , FC = $80 Cost function = 13q + 80 Minimum…
Q: (i) If the demand curve for a particular commodity is p = −0.09x + 51 and the total cost function…
A: Given, Demand function:
Q: Suppose the revenue function for the sale of a product is r(x)= -3x^2+30x and the cost function is…
A: * SOLUTION :- Given that, The revenue function R(x) = -3x^2+30x The cost function C(x)= 6x
Q: The inverse demand for tea is given by P= 10 – 0.04Q, where Pis the price per a gram of tea and Qis…
A: In Cournot duopoly two firms compete in quantity and maximize profit by producing at MR =MC
Q: The total revenue curve of a firm is R(q) = 40q − 12q2 and its average cost A(q) = 1/30 q2 − 12.85q…
A: total revenue (TR) is defined as the total quantity(q) of commodity produced multiplied with its…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
- A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500 per day when producing 15 sinks. The company has a daily demand function of q = 360 − p, where q is the number if laundry sinks demanded and p is te price of a laundry sink. (b) Find a function for the average cost of this company?The demand function for a firm is; Qd = 122,000 - 500P + 4M +10,000PR where, Qd is quantity demanded, P is price per unit. M is income, and PR the price of a related good. The estimated the valueS of M and PR will be Rs 3200 and Rs 4, respectively. The firm's estimated average variable coSt function IS; AVC = 500 - 0.03Q + 0.000001Q2 a. Find the profit maximizing level of output of the firm and the price to charge. b. Should the manager continue production or shut down? Explain your answer. c. Find the level of output at which the average variable cost is at its minimum.The inverse demand function and cost function is given by P= 50-2Q and C = 10+2Q Calculate the total cost.
- Suppose the revenue function for the sale of a product is r(x)= -3x^2+30x and the cost function is c(x)=6x. Find: A) the quantity that will maximize profit B) the break even quantityThe cost function for the manufacture of x number of goods by a company is C(x) = x3-9x2+24x. Find the level of output at which marginal cost is minimum. Further, if the selling price of a unit is 2x3+9x2, find the average profit.A firm's demand and total cost function are given by the expression: P = 20 - Q/2 (1) TC = 0.5Q2 + 36 (2) Where P is price per unit in £ TC = total cost in £ Q is quantity demanded and produced. Find the profit-maximising level of output using the profit function and calculate how much profit is made at this output level.
- A firm's demand function is Q = 16 – P and its total cost function is defined as TC = 3 + Q +0.25Q 2 . Use these two functions to form the firm's profit function and then determine the level ofoutput that yields the profit maximum. What is the level of profit at the optimum?A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500 per day when producing 15 sinks. The company has a daily demand function of q = 360 − p, where q is the number if laundry sinks demanded and p is te price of a laundry sink. (c) If production increases continuously, what is likely to be the average cost per sink?The demand equation of a certain product is p=90-q-q². The total cost function is c=50+q-0.1q². Find the profit function. Simplify your answer as much as possible.
- A firm can sell its output at the price p=10 per unit. The firm’s cost function is C=16+q2 To maximize its profit, the firm chooses to produce q=_________. The profit of this firm is $__________The total revenue curve of a firm is R (q) = 40q - 12q2 and its average cost A(q) = 1/30q2 - 12.85q +20 + 400/q, where q is the firm's output. Derive and expression C(q) for the firm's total cost function.The demand function for a firm is p = 320 – 3.2x, and the cost function is C(x) = 100 + 80x – 1.6x2 Required (i) Determine the profit function. (ii) Determine the output and price for maximum profit and the maximum profit. Show that it is a maximum point.
