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- Based on the following table: Output Price($) Total Costs($) 0 10 31 1 10 40 2 10 45 3 10 48 4 10 55 5 10 65 6 10 80 7 10 100 8 10 140 9 10 220 10 10 340 a. What is the profit-maximizing output? unitsBitcom, a manufacturer of electronics, estimates the following relation between marginal cost of production and monthly output: MC= $150+ 0.005Q Assume Bitcom operates as a price taker in a competitive market. What is this firm’s profit-maximizing level of output if the market price is $175? Can it be done in Excel?A firm has $1.5 million in sales, price is $116.28 and a marginal cost of$50, and competes against 800 other firms in its relevant market. Calculate the Lerner index.
- Solve the firm's profit maximization problem. c(y) = W1X1 + W2X2Natural-ExP is a unique company that is dedicated to making day trips to the Nevado de Toluca. The service includes transportation, food and guide service. Being the number of tickets sold, if the cost function of serving a new customer is Cmg = 20q, the marginal revenue function Img = 600−40q and the demand is q = (600 − p) /20. Under this scenario, what is the price of the excursion. $400 $600 $300 $100A local microbrewery has total costs of production given by the equation TC=500+10q+5q2. This implies that the firm's marginal cost is given by the equation MC=10+10q (you do not need to be able to show this). The market demand for beer is given by the equation QD=105 – (1/2)*P. a) Write the equations showing the brewery's average variable cost.
- Shakti Inc. has been granted a patent for its arnica toothache balm. The table to the right shows the demand and the total cost schedule for the firm. What is Shakti's profit minus maximizingoutput? A. 4 units B. 6 units C. 7 units D. 5 units Price per dose (Dollars) Quantity Demanded (Dose) Total Cost of Production (Dollars) $80 0 $80 72 1 82 64 2 88 56 3 100 48 4 124 40 5 164 32 6 208 24 7 268 16 8 340A publisher faces the following demand schedule for the next novel from one of its popular authors: Price Quantity Demanded (Dollars) (Copies) 100 0 90 100,000 80 200,000 70 300,000 60 400,000 50 500,000 40 600,000 30 700,000 20 800,000 10 900,000 0 1,000,000 The author is paid $2 million to write the novel, and the marginal cost of publishing the novel is a constant $10 per copy. Complete the second, fourth, and fifth columns of the following table by computing total revenue, total cost, and profit at each quantity. Quantity Total Revenue Marginal Revenue Total Cost Profit (Copies) (Dollars) (Dollars) (Dollars) (Dollars) 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000…A local microbrewery has total costs of production given by the equation TC=500+10q+5q2. This implies that the firm's marginal cost is given by the equation MC=10+10q (you do not need to be able to show this). The market demand for beer is given by the equation QD=105 – (1/2)*P. a) Write the equations showing the brewery's average total cost .
- A price-taking firm in a competitive industry of a good that is continuously divisible (like sand) has a total cost function TC(Q) = 3.5Q^2 + 100Q + 500. The market price for the good is p = $240. a: Carefully write out this firm’s profit maximization problem, using the particulars of thisproblem. b: Give the marginal condition (equation) that characterizes the solution to this problem. Solvethis condition for the firm’s optimal quantity Q*. c: Calculate the firm’s maximized profit. d: On a graph with quantity on the horizontal axis, neatly plot the marginal revenue curve andmarginal cost curve. Show Q* on your graph. e: Label areas on your graph using a, b, c, etc. and indicate the areas that correspond to totalrevenue and variable cost.Based on the information in the table below, determine what quantity this firm should produce to maximize its profit. Quantity Marginal Cost Average Total Cost P=Marginal Revenue Total Cost 0 $ 100 1 $ 200 $ 300 $ 200 $ 300 2 $ 100 $ 200 $ 200 $ 400 3 $ 70 $ 157 $ 200 $ 470 4 $ 100 $ 143 $ 200 $ 570 5 $ 142 $ 142 $ 200 $ 712 6 $ 200 $ 152 $ 200 $ 912 7 $ 270 $ 169 $ 200 $ 1,182 8 $ 318 $ 188 $ 200 $ 1,500 Group of answer choicesSuppose Bedox is a patent drug for man’s beauty. Her manufacturer faces a market demand for Bedox of Q = 1,000 – 0.2P. She has a cost function of C = 300,000 – 1,000Q + 10Q^2. What is the profit-maximizing output level and price? What is the profit? Show your calculation and the calculated results on a well-labeled diagram.