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1. Demand and Costs. Assume you are faced with the following demand curve,
P = 20-0.5Q
Where P is the dollar price per unit and Q is the number of units sold per month, and Q must be
2 or more.
a. Write the expression (definition) for this firm’s Total Revenue (TR)
b. Write the expression for this firm’s marginal revenue (MR).
c. What is Q when the P is zero?
d. What is P when the Q is zero?
e. Profit maximization occurs where MR=MC. If MC=$10 what is the profit maximizing level
of Q and P?
f. As a business owner, you are thinking about lowering the price of this product. If you
lower the price by 10% from your answer in e., will your TR rise or fall?
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- Question #5What is the MC=MR Profit Maximization point? What quantity should Delicious Deserts be producing at 'and' what price should they be charging to maximize their profits? Question #6 Why isn't it a good idea for them to produce and sell as many cakes as they can? Is it more profitable to sell less cakes at this current stage of their business? Question #7Do you have any other recommendations for Delicious Deserts to increase their revenues, profits, market share, and client retention?Flag 1. A company faces TC = y2 + 12 and market demand y = 24 – p. a) What is the firm’s profit?, b) At the profit-maximizing price, c) what is the firm’s marginal revenue? please explain each step:)Question 7 A firm, focusing on producing toothpaste has a demand function 2? = 10 − 0.25?. If fixed cost per unit is -(+ and variable cost per unit function is 2? − 20 + -)), where Q is number of toothpastes produced and P is the price per toothpaste: a) Determine the number of toothpastes that maximizes the company’s profit. b) How much should the firm charge for one toothpaste? c) Find the total profit at the profit maximizing level of output. d) Using the own price elasticity of demand, comment on the firm's pricing policy options.
- A.If D=40 – 6Q, find MR and P. B. If D = 100 – 4Q and MC = 40, find profit maximizing output and price C.If D = 100 – 4Q, find MR and revenue maximizing output. please explain how I would figure this outPlease show work for each so I may better understand for study purposes. Question #1 a. For the following three cases, calculate i: The marginal revenue curve ii: The level of output where MR = MC (i.e., set the equation from item i equal to marginal cost and solve for Q) iii: The profit-maximizing price (i.e., plug your answer from equation ii into the demand curve) iv: Total revenue and total cost at this level of output v: total profit Case A: Demand: P = 40 − Q Fixed cost = 100 Marginal cost = 10 Case B: Demand: P = 100 − 2Q Fixed cost = 100 Marginal cost = 10 Case C: Demand: P = 100 − 2Q Fixed cost = 100 Marginal cost = 20. b. What is the markup in each case? Measure it two ways: first in dollars, as price minus marginal cost, and then as a percentage markup [100 × (P – MC)/MC, reported as a percent c. If you solved part b correctly, you found that when costs rose from Case B to Case C, the monopolist’s optimal price increased....Why didn’t the…A firm faces the demand curve: P = 800 - 25Q. What is the firm’s revenue maximizing price? Enter as a value.
- 1. Which of the following, in perfect competition, is most likely to shift a market’s supply curve to the right? The number of consumers decreases. The number of suppliers decreases. There is an improvement in production technology. The price of a substitute good increases. 2. Which of the following gives an example of an implicit cost for a bakery? The cost of flour used to make bread Bakeries have no implicit costs because they are monopolistically competitive. The foregone payments that could have been earned by renting out the bakery’s storefront to another firm The wages the bakery pays to its employees 3. A producer knows that the price elasticity of demand for his product is -0.67. He wants to increase quantity demanded by 33%. By what percentage does he need to change the price? -0.221 -2.03 -0.493 0.493How much should the firm produce to maximize its profit? What is the firms AR? What is the firms MR? How much is the firms total revenue based on the profit maximization rule? How much is the firms total cost? How much is the firms total profit?Solve for the following questions: a. what is the marginal revenue when the firm increases output from 4 to 5? b. what is the marginal revenue when the firm increases the output from 5 to 6? c. what is the marginal cost when the firm increases the output from 4 to 5?
- 1. Indicate whether the supply or Demand curve would shift to the right, shift to the left or movement along the demand/supply curve under each of the following instances. Fly West Air has announced that the ticket price from Windhoek to Walvis Bay will increase from N$1500.00 to N$2000.00 per trip. What would be the effect on the supply curve. 2. Firms in a monopolistic market are price _______: Select one: a. Makers b. Givers c. Takers d. Acceptors 3. One difference between perfect competition and monopolistic competition is that: Select one: a. Firms in monopolistic competition have some degree of market power. b. Monopolistic competition has barriers to entry, whereas perfect competition has none. c. There are a smaller number of firms in perfectly competitive industries. d. In perfect competition, the products are slightly differentiated between firms1.What degree of income elasticity of demand would you expect for summer holiday breaks to an exotic destination? Explain your reasoning in a few sentences. 2.Consider the markets for pizza delivery services in Vienna, hotel accommodation in Krems and train travel in Austria. Define the market types perfect competition, oligopoly / monopolistic competition and monopoly and classify the given examples accordingly. Explain your reasoning in a few sentences. 3. Consider an independently run hotel in Krems and briefly discuss how it might be affected by the following scenarios: a) A rise in interest rates b) A fall in unemployment c) A fall in the exchange rate (i.e., the value of the euro decreases) d) A rise in inflation 4.Explain why tourism satellite accounts are useful and give examples for direct and indirect effects (two examples for each). 5. From 2015-2019, the Austrian accommodation and food services industries have grown in real terms by 4.1 %, the Austrian economy as a…Assume that the firm in the short run is earning super normal profit. Explain what will happen to these profits in long run for the following markets a) Monopolistic competition b) monopoly
