Figure 1 Use this figure for questions 14-20. This figure shows costs for a firm in a perfectly competitive market. Price MC ATC 270 322 175 125 100 80 515 AVC Quantity
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- a. A firm faces the following average revenue (demand) curve:P = 120 − 0.02Qwhere Q is weekly production and P is price, measured in cents per unit. The firm’s cost function is given by C = 60Q + 25,000. Assume that the firm maximizes profits. i. What is the level of production, price, and total profit per week?ii. If the government decides to levy a tax of 14 cents per unit on this product, what will be the new level of production, price, and profit?The demand function for a particular product is given by D(x)=0.5x^2+3x+190‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾√D(x)=0.5x^2+3x+190 dollars, where x is the number of units sold. What is the marginal revenue when 88 items are sold? Round your answer to 2 decimal places. D(x)=0.5x^2+3x+190‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾7. A paint store sells 270 pails of paint per month at a price of $32 each. A customersurvey indicates that for each $1.20 decrease in price, sales will increase by 6pails of paint.(a) Determine the demand, or price, function.(b) Determine the revenue function (using (a)).(c) Determine the marginal revenue function.(d) Solve R’(x) = 0. Interpret the meaning of this value for this situation.(e) What is the price that corresponds to the value found in part (d)?
- Use the following demand schedule to determine total and marginal revenue for each possible level of sales: Product price: 2, 2, 2, 2, 2, 2 Quantity demanded: 0, 1, 2, 3, 4, 5 Total revenue: 0, 2, 4, 6, 8, 10 MR: -, 2, 2, 2, 2, 2Table 9.2 Price ($) Quantity Demanded 50 2 40 3 30 4 20 5 10 6 Refer to Table 9.2. Marginal revenue from the third unit of output is _____ Group of answer choices $100. $40. $120. $0. $20.For a firm with market power, what is the marginal revenue gained when one more unit of output is sold? Question 19Answer a. The price at which the extra unit is sold plus the rise in revenue from selling other units at a higher price b. The price of the unit of output sold minus the production cost of that unit c. The price of the unit of output sold d. The price at which the extra unit is sold less the drop in revenue from selling other units at a lower price
- A firm faces the following average revenue (demand) curve:P = 120 − 0.02Qwhere Q is weekly production and P is price, measured in cents per unit. The firm’s costfunction is given by C = 60Q + 25,000. Assume that the firm maximizes profits.i. What is the level of production, price, and total profit per week?ii. If the government decides to levy a tax of 14 cents per unit on this product, what will be thenew level of production, price, and profit?b. The United States currently imports all of its coffee. The annual demand for coffee by U.S.consumers is given by the demand curve Q = 250 – 10P, where Q is quantity (in millions ofpounds) and P is the market price per pound of coffee. World producers can harvest and shipcoffee to U.S. distributors at a constant marginal (= average) cost of $8 per pound. U.S.distributors can in turn distribute coffee for a constant $2 per pound. The U.S. coffee market iscompetitive. Congress is considering a tariff on coffee imports of $2 per pound.i. If there…Define the term cost of revenue?Mathematics for Business and Economics Q1) 3x2 ( 12x3 + 20 )0.5 within the range 6 and 8. Q2) The marginal revenue of a firm is given by the following equation: MR(Q) = 20 + 14Q + 13Q2 Where, Q represents the quantity produced. Also given, the total revenue of the firm, when they produce 5 units of output, is 50, i.e., TR(5) = 50. a)Calculate the firm's total revenue function. What is the value of the constant term in the total revenue function? b)Calculate the total revenue of the firm when the firm produces 7 units of output.
- Demand P (q)=500-2q Total Costs C(q)=10+20q . what is marginal cost marginal revenue of this demand and cost function?Nousaku estimates that the total daily revenue of producing q units of KAGO basket is (R(q) = (102 - (675/q+4) - q) thousand yen. What is the marginal revenue when output is 6? Interpret your answer.23. Suppose the equilibrium price in the market is $10 and the price elasticity of demand for the linear demand function at the market equilibrium is -1.25. Then we know that: demand is inelastic. marginal revenue is $2. marginal revenue is $50. demand is unit elastic.
