Given the demand and cost functions as Q=140-P and C=Q2+20Q+300 What will be the profit maximizing output and price for perfectly competitive market? What will be the profit maximizing output and price for monopoly market? What is the profit/loss for perfectly competitive market and monopoly respectively? What is the average variable cost for perfectly competitive market?
Given the demand and cost functions as Q=140-P and C=Q2+20Q+300 What will be the profit maximizing output and price for perfectly competitive market? What will be the profit maximizing output and price for monopoly market? What is the profit/loss for perfectly competitive market and monopoly respectively? What is the average variable cost for perfectly competitive market?
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
ChapterB: Differential Calculus Techniques In Management
Section: Chapter Questions
Problem 6E
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Question
Given the demand and cost functions as Q=140-P and C=Q2+20Q+300
- What will be the profit maximizing output and price for
perfectly competitive market? - What will be the profit maximizing output and price for
monopoly market ? - What is the
profit/loss for perfectly competitive market and monopoly respectively? - What is the average variable cost for perfectly competitive market?
- Explain the concept of diminishing
marginal utility ? - One assumption of Indifference curves is convex to the origin. What it reflects?
- Explain the stages of production?
- Ifthere is technological progress what will happen on isoquant curve?
- Assuming the consumer in cardinal utility approach consume a commodity X with MUx<Px, where MUx and Px are marginal utility and price of X respectively. What decision of this consumer can increase his/her total satisfaction
- When economies of scale is occurred?
- “If taxes on gasoline increase, gasoline consumption will decrease” What type of economic analysis is it? Why?
- If the demand curve for desktop computers shifts rightward and at the same time the supply curve shifts leftward, then what will happen on
equilibrium price andequilibrium quantity ? Show this using graph?
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