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Only typed answer and please don't use chatgpt
Find the marginal revenue for the firms that face the following demand
a. Q=1,000-5P
b. Q=100P^-2
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- Fill out the entries in the table below. If the price is $12/unit, what is the quantity, total revenue and profits? Assume competitive mkt. Q TC FC VC MR MC 0 8 1 12 2 14 3 20 4 30 5 50Only typed answer and please don't use chatgpt A firm faces the following average revenue (demand) curve: P = 120 – 0.02Q where Q is weekly production and P is price, measured in cents per unit. The firm’s cost function is given by C = 60Q + 25,000. Assume that the firm maximizes profits. What is the level of production, price, and total profit per week?Henry Potter owns the only well in town that produces clean drinking water. He faces the following demand, marginal revenue, and marginal cost curves: Demand: P=60−QP=60−Q Marginal Revenue: MR=60−2QMR=60−2Q Marginal Cost: MC=QMC=Q On the following graph, use the blue line (circle symbol) to graph Mr. Potter's demand curve. Then, use the black line (cross symbol) to graph his marginal revenue (MR) curve. Next, use the orange line (square symbol) to graph his marginal cost (MC) curve. Finally, use the grey point (star symbol) to indicate the profit-maximizing price and quantity. : The profit-maximizing quantity is___units, and the profit-maximizing price is___. Mayor George Bailey, concerned about water consumers, is considering a price ceiling that is 10% below the monopoly price. At this new price, the quantity demanded would be___units. At this quantity, the marginal cost would be___the price. Therefore, the profit-maximizing Mr. Potter___produce…
- A publisher faces the following demand schedule for the next novel from one of itspopular authors:Price Quantity Demanded$ 100 0 novels90 100,00080 200,00070 300,00060 400,00050 500,00040 600,00030 700,00020 800,00010 900,0000 1,000,000The author is paid $2 million to write the book, and the marginal cost of publishingthe book is a constant $10 per book.a. Compute total revenue, total cost, and profit at each quantity. What quantity woulda profit-maximizing publisher choose? What price would it charge?b. Compute marginal revenue. (Recall that MR = ΔTR/ΔQ.) How does marginal revenuecompare to the price? Explain.C. Graph the marginal-revenue, marginal-cost, and demand curves. At what quantitydo the marginal-revenue and marginal-cost curves cross? What does this signify?d. In your graph, shade in the deadweight loss. Explain in words what this means e. If the author were paid $3 million instead of $2 million to write the book, how wouldthis affect the publisher’s decision regarding what…Graph the demand curve and the marginal revenue on one graph.From the given information, draw the demand curve, MR, MC and ATC curve Output Price TR MR TC ATC MC Profit 1 $300 $300 - $1,000 $1,000 - - 2 $300 $600 $300 $1,500 $750 $500 -$200 3 $300 $900 $300 $1,800 $600 $300 $0 4 $300 $1,200 $300 $2,000 $500 $200 $100 5 $300 $1,500 $300 $2,300 $460 $300 $0 6 $300 $1,800 $300 $2,850 $475 -$550 -$250 7 $300 $2,100 $300 $3,710 $530 -$860 -$560
- Don't use chat gpt. A firm faces the following demand curve for its products Q = 100000/ p^2.5 What is the firm's marginal revenue from selling the 50th unit ?Silk wood Enterprise specializes in gardening supplies.The demand for it new brand of fertilizer fertilizer,Meadows Muffins, is given by the equation Q=120-4p. a. Silk wood is currently charging $10 for a pound of Meadows Muffins.At this price , what is the price elasticity of demand for Meadow Muffins? b. At a price of 10$ ,what is silk wood marginal revenue? c. What price should silk wood should charge if it wishes to maximize its total revenue? d. At the total revenue maximizing price, what is the price elasticity of demand for Meadows Muffins?DuopolyMarket for mechanical pencils can be described by the following demand schedule:Price | Number of pencils demanded$6 | 80$5 | 200$4 | 320$3 | 440$2 | 560$1 | 680$0 | 800The fixed cost is $340, while the variable cost is $0.50.a) For each price, find the total revenue, the total cost, and the profit.b) If the market was under perfect competition, what would be the price and the quantity ofpencils traded in the long run? Why?c) If there was only one seller on the market, what would be the price and the quantity ofpencils traded? Why?
- DuopolyMarket for mechanical pencils can be described by the following demand schedule:Price | Number of pencils demanded$6 | 80$5 | 200$4 | 320$3 | 440$2 | 560$1 | 680$0 | 800The fixed cost is $340, while the variable cost is $0.50.a) For each price, find the total revenue, the total cost, and the profit.b) If the market was under perfect competition, what would be the price and the quantity ofpencils traded in the long run? Why?c) If there was only one seller on the market, what would be the price and the quantity ofpencils traded? Why?d) If there were two firms on the market and they agreed to cooperate, how much would eachfirm need to produce? Follow the procedure outlined in the lecture and show that the otherfirm would prefer to deviate from the agreement.e) When the firms deviate from the agreement, there is a new optimal level of output. Showwhether the firms have an incentive to deviate from that level?f) If there were two firms on the market, what would be the price and the…15. A hotel rents rooms to customers by the night. The hotel determines that if it sets the price of the room to be $140 per night, 140 rooms will be rented. In order to rent 190 rooms, it must lower the price to $90 per night. If the hotel sets the price to be $110 per night, what is the marginal revenue? The marginal revenue is $enter your response here per room.What is the maximum revenue based on this price and quantity? Column 1 Column 2 Column 3 Column 4 Quantity Price Marginal Revenue Change in R/Change in Q Revenue (Q×P) 0 25 0 0 2.5 20 20 50 5 15 10 75 7.5 10 0 75 10 5 -10 50 12.5 0 -20 0
