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- A firm is producing computer monitors. The market price per monitor is P1=$450. The cost function is given by C(Q) = 1,500 + 2.8Q2. New information indicates that the new market price is P2=$130. Given this information, what are the optimal profits at the new price?It costs a coat manufacturer $8750 to make 125 coats and it costs $6500 to make 80 coats. Each coat is sold for $250. a. How much is the marginal cost? Round to two decimal places if rounding is necessary. Do not enter a fraction. There is a $ sign next to the answer box, so do not type a $ sign in your answer. Only type a number (do not type any units on your answer). $ b. What is the slope of the Profit function, P(x)? Round to two decimal places if rounding is necessary. Do not enter a fraction. There is a $ sign next to the answer box, so do not type a $ sign in your answer. Only type a number (do not type any units on your answer). $ c. How many coats must be sold in order to break even? Round to the nearest whole number if rounding is necessary. Do not enter a fraction. Only type a whole number (do not type any units on your answer).The total cost C of making x units of a commodity is given by C = 0.005(x)3 + 0.45(x)2 + 12.75(x). All units made are sold at $36.75 per unit. The profit P is then given by P = 36.75(x) - C. Find the number of units to make to maximize profit.
- The total cost of a firm is TC(Q)=4Q2+6Q+34. Accordingly, its marginal cost is 2*4*Q+6 when its output is Q. Find the output level where the ATC is minimized.*** Please answer e, f, g,h** An ice cream company finds that at a price of $4.00 for each pint, they can sell 4000 pints of ice cream per day. For every $0.25 decrease in price, daily demand increases by 200 units. The company’s cost function is C(q)=0.01q2-90q+211600, where C represents their daily costs (in dollars), and q is the number of pints sold per day. a)Find the demand function q(p). b) Find the revenue function R(q). Hint: first you will need to solve for p in terms of q from the demand function.) c) How many pints should the company sell per day if they want to maximize their revenue? d) what price should the company charge for each pint if they want to maximize their revenue? e)Use the criteria MC(q)=MR(q) to determine how many pints the company should sell per day if they want to maximize their profit. f)What is the maximum profit the company can earn per day? g)Find the average cost function. h)How many pints should the company sell per day if they want to minimize…A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500 per day when producing 15 sinks. The company has a daily demand function of q = 360 − p, where q is the number if laundry sinks demanded and p is te price of a laundry sink. (d) How many laundry sinks will the company need to produce in order to maximise it′s profits?
- Yennefer produces spells. Suppose q is the quantity of spells produced. Her Total Costs are given by TC(q)=101+q^2 and her Marginal Costs are given by MC(q)=2q. What is the quantity of spells that minimizes her Average Total Cost?Yennefer produces spells. Suppose q is the quantity of spells produced. Her Total Costs are given by TC(q)=381+q^2 and her Marginal Costs are given by MC(q)=2q. What is her minimum Average Total Cost?11) The total cost of producing q items is given by the formula C(q) = -q^3 + 40q^2 +1000, e.g. C(10) gives the cost of the first 10 items. a) Find the average cost of producing the first 12 items. b. Find the marginal cost when q = 9.
- The market for drones is perfectly competitive. Assume for simplicity that fractions of everything, including firms, is possible. We have identical firms, each with a Total Cost curve of TC=376+91q+q^2 and Marginal Cost curve MC=[b]+2q. Market demand is Q=695-2P. What is the Average Total Cost if the firm produces 37 units?For a firm’s product, the demand function is p =72−0.04q and the average cost function is i. ¯ c = 500 q +30 i. At what level of output would profit be maximized? ii. ii. Atwhat price is the profit maximized?Suppose the cost function for a firm is given by C(Q) = 100 + Q2. If the firm sells output in a perfectly competitive market and other firms in the industry sell output at a price of $10, what level of output should the firm produce to maximize profits or minimize losses? What will be the level of profits or losses if the firm makes the optimal decision?