Suppose for a single firm that P = 15 TC = 3Q + 2Q2 (a) What is the profit-maximizing quantity? (b) What is the profit at the profit-maximizing quantity? Only typed Answer
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Suppose for a single firm that
P = 15
TC = 3Q + 2Q2
(a) What is the profit-maximizing quantity?
(b) What is the profit at the profit-maximizing quantity?
Only typed Answer
Step by step
Solved in 3 steps
- Only typed answer and please answer correctly It is possible to lower the average cost of production by expanding output beyond Q0 to Q1. Why wouldn't a firm expand its output to Q1? Group of answer choices a) Demand is not sufficient for consumers to buy Q1. b) The firm would suffer an economic loss at Q1 while it would break even at Q0. c) The firm's marginal revenue would be negative at Q1. d) The firm wants to maximize accounting profit rather than economic profit.A popular buffet has two types of customers. Type A who are willing to pay $25 but only eat for $15, and type B who value the food at $30 but eat for $20. There are 200 customers visiting daily and from their experience the restaurant knows they have 40% type A and 60% type B customers. How much revenue and profit will they make daily? Only typed answerThe revenue for a product is R(x) = −0.004x^2 + 21x − 6200 and thecost is C(x) = 0.02x + 38, for x units produced and sold.Should output be increased or decreased to generate a higher profit?
- a. The firm's profit maximizing output level is ____ units. b. At the profit-maximizing level of output, the firm's profit-per unit is $ ___ and total profit is $_____ .# Units Produced Total Revenue Total Costs 0 0 200 1 600 660 2 780 720 3 840 780 4 890 870 5 910 980 How many units should the profit maximizing firm produce? a. 1 b. 2 c. 3 d. 4A local company is planning to manufacture and market a four-slice toaster. For this toaster, the research department’s estimates are aweekly demand of 300 toasters at a price of $25 per toaster and a weekly demand of 400 toasters at a price of $20. The financial department’s estimates are fixed weekly costs of$5,000 and variable costs of $5 per toaster. a) Assume that the relationship between price ? and demand ? is linear. Use the research department’s estimates to express ? as a function of ? and determine the domain of the function. b) Using your knowledge from Finite Math, determine the Revenue function in terms of ?. c) Determine the Marginal Revenue at 2 different production levels for example 250 and 500 units. Interpret these results. (HINT: Consider what a positive or negative first derivative implies) d) Assume that the cost function is linear. Use the financial department’s estimates to express the cost function interms of ?. e) Determinethe Marginal costand interpret the…
- A company that produces cleaning products is considering a proposal to begin production of a new detergent that would cost $1 a bottle to make and distribute, and retail for $2.19 a bottle. Fixed cost for the operation would be $3000 a week. Assume that all output can be sold. (a) What would be the total cost, revenue and profit for a weeklyvolume of 10,000 bottles?A company that produces cleaning products is considering a proposal to begin production of a new detergent that would cost $1 a bottle to make and distribute, and retail for $2.19 a bottle. Fixed cost for the operation would be $3000 a week. Assume that all output can be sold. (a) What would be the total cost, revenue and profit for a weekly volume of 10,000 bottles?What is relationship between total revenue (TR) and cost (TC) if the price is greater than ATC (is TR greater, less, or equal to TC)? Does the firm make positive economic profit or loss?
- A firm can produce only 2900 units per month. The monthly total cost is given by C(x) = 400 + 200x dollars, where x is the number produced. If the total revenue is given by R(x) = 350x − 1/100 x2 dollars, how many items, x, should the firm produce for maximum profit? a. x =______ items b. Find the maximum profit.Software Plus has a patent on software that estimates economic damages for clients involved in maritime injury lawsuits. Consumer demand is Quantity = 287.5 - 12.5P. Software cost $985. Producing a copy of the software is $11 per unit. a. How many copies of the software should I attempt to sell? At what price should I sell it? How much profit would I make?22. Which one of these will continuously increase as more products are produced? a. None of the choices b. Variable cost c. Average fixed cost d. Fixed cost
