The market demand curve is given by P = 40 - 0.2Q. What is the profit-maximizing output? A. Profit is maximized at output level, Q*=40. B. Profit is maximized at output level, Q*=100. C. Total revenue is maximized at output, Q*=200. D. Profit is maximized at output level, Q* = 80.
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The market
A. Profit is maximized at output level, Q*=40.
B. Profit is maximized at output level, Q*=100.
C. Total revenue is maximized at output, Q*=200.
D. Profit is maximized at output level, Q* = 80.
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- A firm produces a steel bar. When the price of the steel bar is $ 30,000, the quantity demanded is 8 metric tons, a 100% change in the price would change the quantity demanded by 25%. 1. What is the price function of demand of the firm? 2. What is the total revenue function of the firm? 3. At what production output should the firm produce to maximize its total revenue?1. The demand equation of a good is P+Q=30 and the total cost function is TC=1/2Q+6Q+7 a) Find the level of output that maximizes total revenue, b) Find the level of output that maximizes profit.the following demand and cost functions P is selling andQ is quantity in thousands P=30-2Q TC=Q+5Q-30 Find the output at which profit is maximized and and what is the optimal price to maximize profits?
- The price p (in dollars) and the quantity q sold of a certain product obey the demand equation q p = − 800 20 and 0 40 p (i) Express the revenue R as a function of q. (ii) What is the revenue if 20 units are sold? (iii) What quantity q maximizes revenue? What is the maximum revenue? (iv) What price should the company charge to maximize revenue? (v) What price should the company charge to earn at least $3500 in revenue? Please answer with step by step processA market is “competitive” when: A) When a product has several substitutes offered by different companies B) When no producer makes a profit C) When no producer makes economic profits D) When one company controls the market for a product that has unique consumer valuethe following demand and cost functions P is selling andQ is quantity in thousands P=30-2Q TC=Q+5Q-30 Find the output at which profit is maximized.
- Maximizing total revenue is the same as maximizing profit is this true or falseRent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price. When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply. a. The quantity of available rental housing units falls. b. Nonprice methods of rationing emerge. c. The quality of rental housing units falls. d. Landlords earn lower profits from renting housing units, but the rent charged has no effect on either the quantity or quality of rental units.Sellers are willing to sell their product at a very low price even it high priced items cost more? What is the rational behind this concept? a. To dominate the market with low-cost items b. Low priced items are a magnet for customers to come in and this will create opportunity to sell low priced item with high markup price. c. To lure frequent buyers. d. This reduces the incentives of trade.
- The X-Corporation produces a good (called X) that is a normal good. Its competitor, Y-Corp., makes a substitute good that it markets under the name Y. Good Y is an inferior good. a. How will the demand for good X change if consumer incomes decrease? b. How will the demand for good Y change if consumer incomes increase? c. How will the demand for good X change if the price of good Y increases? d. Is good Y a lower-quality product than good X? Explain.Competition determines market price because the more that toy is in demand (which is the competition among the buyers), the higher price the consumer will pay and the more money a producer stands to make. ... Greater competition among sellers results in a lower product market price.Suppose the equilibrium price in the market is $10 and the price elasticity of demand for the linear demand function at the market equilibrium is -1.25. Then we know that: demand is inelastic. marginal revenue is $2. marginal revenue is $50. demand is unit elastic.
