Q: Over-production results in
A: Over Production refers to the situation when the firm produces quantity of goods more than its…
Q: Suppose it costs c(x) = x³ – 6x? + 15x dollars to produce x radiators when 8 to 10 radiators are…
A: Marginal revenue is the additional revenue earned from the sale of an extra unit of output. Marginal…
Q: Calculate Profit, Marginal cost and change in Profit. What output quantity of milk maximizes profit…
A: The profit is the difference between the total revenues and the total cost of production.
Q: how does the production theory and concepts affect revenue
A: Production is the process of transformation of inputs into output with use of services of factors…
Q: rginal cost of s
A: Answer To calculate marginal cost, we are going to use the formula: MARGINAL cost = modification…
Q: D) A manufacturer knows that: His TR is given by Revenue = 23Q-Q His total cost of production is;…
A: Note: Since we only answer upto 3 sub parts, we’ll answer the first 3. Please resubmit the question…
Q: Calculate the value of Marginal revenue if change in total revenue is $68 and the change in output…
A: The Given information is as follows:- Change in total revenue = $68 Change in output = 7 units We…
Q: Find the marginal profit. C(x)=4x^2; R(x)=x^3+5x+15
A: Profit=Revenue-CostProfit=(x3+5x+15)-(4x2)Profit=x3-4x2+5x+15
Q: The demand curve for a product is q = 4000 − 40p. It costs $5 to produce each unit. b. If you use a…
A: The demand curve shows the negative relationship between quantity demand and the price level. This…
Q: The total revenue function is :- 40Q3 - 3Q2 + 64Q - 100 Find the marginal revenue function
A: We are having the total revenue function which is as follows:- 40Q3 - 3Q2 + 64Q - 100 We have to…
Q: is the measure of the way suppliers respond to a change in price. * The marginal product of labor…
A: The supply curve is upward sloping curve representing the positive relationship between the price…
Q: Find the marginal cost, marginal revenue, and marginal profit functions. C(x) = 4x; R(x) = x³ + 5x +…
A: Marginal cost is the additional cost incurred by a firm by producing one extra unit and the…
Q: ________ is the cost of using resources to produce another unit of a good. a ) Price. b )…
A: Price refers to the cost of a good at which consumers buy goods and services. This is the value of…
Q: A manufacturer knows that: His TR is given by Revenue = 23Q – Q2…
A: The point where the marginal revenue is equal to the marginal cost is the point of profit…
Q: What is marginal revenue and marginal cost?
A: Marginal cost and marginal revenues are main concepts that determine th optimal output of the firm.
Q: PROBLEM No 1INTERPRET ALL THE RESULTS!! Demand equation of a producer is: P = 270 * Q- 2,4 * Q2 a)…
A: Demand: P = 270Q - 24Q2 Total Revenue Function: TR = P*Q = ( 270Q - 24Q2 )Q = 270Q2 - 24Q3 TR =…
Q: How is the marginal revenue made additional revenue?
A: If the sales of an additional unit of output increase the revenue of the firm, the revenue is known…
Q: is the difference between total revenue derived from sale of a firms output and opportunity costs…
A: Profit is the difference between the total revenue and the total cost over a specified time period…
Q: If total revenue increases at a constant rate, what does thiscondition imply about marginal revenue?
A: Marginal Revenue means the rate at which Total Revenue is either increased or decreased on sale of…
Q: a b. C. Determine each of the following (show all your work): explicit costs implicit costs…
A: An explicit cost is a direct payment made to others in the course of running a business, such as…
Q: The change in revenue is $120 and the change in unit sold is 3 Calculate the marginal revenue
A: The given information is :- Change in total revenue = $120 Change in units sold = 3 units
Q: What is the marginal cost for this product?
A: A cost function refers to the formula that is used to predict the cost that the firm will incur at a…
Q: The marginal revenue of the xth box of flash cards sold is 200e−0.003x dollars per box. Find the…
A: We have been given the marginal revenue of the xth ox. MR = 200e-0.003x Total revenue can be…
Q: Profit equals to a) Revenue minus price b) Price multiplied by quantity Oc) Revenue Od) The…
A: Any revenue left over after all of the business's expenses have been paid is referred to as profit.…
Q: Why must the marginal revenue be equal to the marginal cost for a producer? Explain.
A: Marginal revenue (MR) is the increase in revenue that results from the sale of one additional unit…
Q: f the marginal revenue is MR=26-Q , find the highest level of production (Q) of the firm when its…
A: It gives the amount of dollars in revenue that a firm collects from selling its one more unit of the…
Q: The average revenue is given as 70 and total revenue is given as 700 Find the quantity produced
A: # The ratio of Total revenue to total quantity is given as average revenue
Q: what is the marginal revenue for this chart
A: Marginal revenue is defined as the revenue generated from the selling some extra units services and…
Q: A friend of mine is an artist. She mostly paints landscape pictures. They take a bit of time, but…
A: Unit cost of painting means Average cost of painting or Minimum of ATC . ATC = Cost / q
Q: (a) Calculate the value of marginal profit when marginal revenue is $400 and marginal cost is $700…
A: # we know that the difference between the marginal revenue and the marginal cost always gives the…
Q: Define the excess capacity and calculate it from a graph. Define a mark-up and calculate it from a…
A: Solution: Capacity Excess: It refers to the difference between optimum output and the output…
Q: Marginal revenue (MR) is ____ when total revenue is maximized.
A: Marginal revenue is the revenue that can be earned by selling an additional unit of output. Total…
Q: If marginal profit is $33 and marginal revenue is $80 What's the value of Marginal cost
A: The data presented in the question is:- Marginal profit of the firm = $33 Marginal revenue = $80…
Q: Calculate marginal revenue for Q7. Quantity Total Revenue Marginal Revenue (Q) (TR (MR) 200 500 900…
A: Revenue is the amount received by the sellers they sell the commodities in the market at particular…
Q: How low would the market price haveto fall before the firm decided to produce nothing?
A: During production, firm incurs various costs. Some costs are fixed while some are variable. Fixed…
Q: Sometimes firms should produce even if the price falls below minimum ATC. Why?
A: The firms produce the various goods and services as output with the various factors of production.…
Q: When a cable TV company charges its customers $72 per month, it gets 2,000 customers. And when it…
A: Marginal revenue is the additional revenue gained from selling an additional unit of the good.
Q: Calculate Marginal profit if the value of marginal revenue is 105 and marginal cost is 60
A: # Marginal profit is calculated by the formula:- Marginal profit = Marginal revenue - Marginal cost…
Q: Price (dollars per soda) 2.50 2.00 1.50 1,00 0.50 Market Price 0 5 10 15 20 25 Quantity (thousands…
A: The measure that depicts various quantities of goods and services being demanded at various levels…
Q: The profit function for a certain commodity is P(x) - 190x - x - 1000. Find the level of production…
A: In the production function, different inputs are used to produce the final output. Each input has…
Q: Calculate the value of marginal profit when marginal revenue Is $400 and the marginal cost is $230
A: # The marginal revenue and marginal cost helps us gain the idea about the marginal profit. The…
Q: marginal revenue
A: When the sales of the product take place in the market depicts the ‘revenue’. When the sales are…
Q: The value of marginal profit is $30 and marginal cost is $100 Calculate the value of marginal…
A: We are given that:- Marginal profit = $30 Marginal cost = $100 We need to calculate the value of…
Q: Imagine DeBeers is currently selling 200 diamonds at a price of $1,000. To sell 10 more diamonds,…
A: Total revenue(TR) is the product of price(P) and quantity(Q). Marginal revenue(MR) is the change in…
Q: In competitive markets, farmers adopt newtechnologies that will eventually reduce theirrevenue…
A: Solution: In competitive markets, farmers adopt newtechnologies that will eventually reduce…
Q: To sell one more unit of output, the seller must make one more and sell it for less than the price…
A: Marginal revenue is the additional revenue earned with an additional unit sold. Demand curve is…
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- If automobiles and gasoline are complements, then their cross-elasticity coefficient is a. strictly greater than 1. b. positive. c. equal to zero. d. negative.The price elasticity of demand for air travel differs radically from first-class (1.3) to unrestricted coach (1.4) to restricted discount coach (1.9). What do these elasticities mean for optimal prices (fares) on a cross-country trip with incremental variable costs (marginal costs) equal to $120?(Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of Si per unit. A reduction in price to $0.20 results in an increase in quantity demanded to 70 units. Using the midpoint formula, show that these data yield a price elasticity of 0.25. By what percentage would a 10 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?
- demand for a product is related to its selling price P (in dollars) by the equation n=2800-100p where n is the number of fans that can be sold per month at a price P. Find the selling price that will maximize the revenue.The demand function for a product is modeled by p = 400 − 2x, 0 ≤ x ≤ 200, where p is the price per unit (in dollars) and x is the number of units. Determine when the demand is elastic and inelastic. (Enter your answer using interval notation. If an answer does not exist, enter DNE.) Determine when the demand is of unit elasticity.Consider the supply function for a kind of computer, namely p=10+0,5q. Determine the arc elasticity if the price increases from R1200 to R3200 . a. |ϵ|=1 , the supply is unit elastic. The 1% change in supply is equal to 1% change in price. b. |ϵ|=1 , the supply is unit inelastic. The 1% change in supply is equal to 1% change in price. c. |ϵ|=<1 , the demand is inelastic at this price. 1% increase (or decrease) in price will cause a 0,3% decrease (or increase) in demand. d. |ϵ|=<1 , the demand is elastic at this price. 1% increase (or decrease) in price will cause a 0,3% decrease (or increase) in demand.
- Hasbro conducted market research to determine the optimal price to set for their Furby toys. Through many focus groups, they determined they could sell 5,000 furbies at a price of $29.99. However, if they lowered their price to $19.99, they could sell 4,000 more furbies. Find the linear demand equation (price function, y) as a function of the quantity, x, sold. (round to 4 decimal places if necessary)In a small town in North India where winter temperatures are very low, the demand function for a truckload of firewood for college students in a small town is Qc = 400 - p. It is sometimes convenient to rewrite a demand function with price on the left side. We refer to such a relationship as the inverse demand function. Therefore, the inverse demand function for college students is p = 400 - Qc. The demand function for other town residents is Qr = 400 - 2p. Solve the following & Show all your calculations. [1 + 2 + 2 = 5] (a) What is the inverse demand function for other town residents? (b) At a price of Rs.300, will college students buy any firewood? What about other town residents? At what price is the quantity demanded by other town residents zero? (c) Draw the total demand curve, which sums the demand curves for college students and other residents. Clearly label X-axis and Y-axis. Draw the curve for at least five pointAn economic consultant for Gumbcorp. recently provided the firm’s marketing manager with this estimate of the demand function for the firm’s product: Qxd=12,000 -3Px + 4Py - 1M + 2Ax where Qxd represents the amount consumed of good X, Px is the price of good X, is the price of good Y, M is income, and Ax represents the amount of advertising spent on good X. Suppose good X sells for $200 per unit, good Y sells for $15 per unit, the company utilizes 2,000 units of advertising, and consumer income is $10,000. How much of good X do consumers purchase? Are goods X and Y substitutes or complements? Is good X a normal or an inferior good
- The market research conducted by a firm in the drinking water industry shows that the demand for water has a constant elasticity equal to − 1/? where ? is 9 a) Express the demand function in the form of a differential equation b, Find the general solution for the differential equation by expressing Q (the quantity demanded) as a function of P (the product price). c, ) Suppose that the demand for bananas has a constant elasticity equal to – 9. Explain in words (without providing any calculation) how decreasing the price would affect a banana seller’s total revenue and profits. Please help me. Thank you so much.Consider the demand function d(p)=300e^−0.01p^2 items purchased when charging p dollars per item. Currently the price is 9 dollars per item. Use marginal analysis to estimate the decrease in demand when the price increases by 0.3 dollars per item. Demand would decrease by approximately _____ items. Round your answer to three decimal places.Assume that the demand function is equal to: QD = 5000 - 1000P Where the price range is P1.00 to P5.00, derive the demand schedule economics
