Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText - Access Card Package (12th Edition)
12th Edition
ISBN: 9780134004983
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 12, Problem 8SPA
To determine
What is the market
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Students have asked these similar questions
Question 1a
A firm faces the following average revenue (demand) curve: P(Q) = 240 - 0.04 Q where Q is the weekly production and P(Q) is the price, measured in cents per unit. The firm's cost function is given by TC(Q)=120Q+50000. Assume that the firm maximises profit.
i) What is the profit maximization quantity and price.
ii) What is the total profit per week?
A local microbrewery has total costs of production given by the equation TC=500+10q+5q^2. This implies that the firm's marginal cost is given by the equation MC=10+10q (you do not need to be able to show this). The market demand for beer is given by the equation QD=105 – (1/2)*P.
a) What is the break even quantity in short run.
Quiz: Quiz 6
Question 13 of 25
Assume a competitive firm faces a market price of $100, a cost curve of:
C= 1.00g + 25q + 1,600
and a marginal cost curve of:
MC = 2.00g + 25.
The firm's profit maximizing output level is 37.50 units, the profit per unit is $-5.17, and total profit is: $- 193.88.
However, if the firm wanted to maximize the profit per unit, how much would it produce?
It would produce units. (round your answer to two decimal places)
If the firm produced this output level, what would be the profit?
Its profit would be $
(round your answer to the nearest penny)
II
Chapter 12 Solutions
Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText - Access Card Package (12th Edition)
Ch. 12.1 - Prob. 1RQCh. 12.1 - Prob. 2RQCh. 12.1 - Prob. 3RQCh. 12.1 - Prob. 4RQCh. 12.2 - Prob. 1RQCh. 12.2 - Prob. 2RQCh. 12.2 - Prob. 3RQCh. 12.3 - Prob. 1RQCh. 12.3 - Prob. 2RQCh. 12.3 - Prob. 3RQ
Ch. 12.4 - Prob. 1RQCh. 12.4 - Prob. 2RQCh. 12.5 - Prob. 1RQCh. 12.5 - Prob. 2RQCh. 12.5 - Prob. 3RQCh. 12.6 - Prob. 1RQCh. 12.6 - Prob. 2RQCh. 12.6 - Prob. 3RQCh. 12.6 - Prob. 4RQCh. 12 - Prob. 1SPACh. 12 - Prob. 2SPACh. 12 - Prob. 3SPACh. 12 - Prob. 4SPACh. 12 - Prob. 5SPACh. 12 - Prob. 6SPACh. 12 - Prob. 7SPACh. 12 - Prob. 8SPACh. 12 - Prob. 9SPACh. 12 - Prob. 10APACh. 12 - Prob. 11APACh. 12 - Prob. 12APACh. 12 - Prob. 13APACh. 12 - Prob. 14APACh. 12 - Prob. 15APACh. 12 - Prob. 16APACh. 12 - Prob. 17APACh. 12 - Prob. 18APACh. 12 - Prob. 19APACh. 12 - Prob. 20APACh. 12 - Prob. 21APACh. 12 - Prob. 22APACh. 12 - Prob. 23APA
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