a) A profit maximising firm has a marginal cost function given by MC = 6Q2-10Q+12 and a marginal revenue function given by MR = 100-2Q. i) Find expressions for the firm's Total Revenue and Total Cost functions in terms of Q. ii) Find the profit maximising level of output if the firm's fixed costs
Q: was the west fraser timber company always been classified as perfectly competitive market in the…
A: When talking about the competitiveness of a firm, it can be said that it is determined by the market…
Q: Describe the European Union. How many countries are in the European Union? (You may find information…
A: European union is a group of nations which form a single market.
Q: company CEO is currentl
A: *Answer: Let us find the PW of all three machines for their respective lives - Machine 1 PW =…
Q: You are a self-employed accountant who owns Budget Tax Prep, which specializes in tax preparation…
A: In a monopolistic competitive market, there are large number of buyers and sellers. Each seller is…
Q: A monoposonist is _____ in a market and therefore acts as a ____ in the market. a.The only buyer;…
A: A monopsony is a market structure in which there is just a single buyer that sets prices, produces…
Q: Countries are strengthening their domestic economies. In which few ways it is done?
A: The domestic economy is a term coined by Marvin Harris to describe the structural components of…
Q: Based on the data, answer the questions. Earner Sally Pat What is Sally's tax rate? 38% 33% 28% O…
A: The formula that we use to calculate the tax rate is: Tax Rate = Amount of Tax PaidTotal Income x…
Q: Suppose that the price elasticity of demand for tennis shoes is -0.5 and the cross- price elasticity…
A: Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…
Q: A company's product has unitary flexibility. Should the company alter the pricing of its goods…
A: Individual Elasticity: It alludes to the elastic property of unity. Price and demand change in the…
Q: Question 1 1(a) In the Solow Growth Model the output function for the economy is given by: Y = K 1/3…
A: Hi! Thank you for the question. As per the honor code, We’ll answer the first question since the…
Q: Assuming that the is 0.50? O $7,000 O $5,000 O $3,000 O $4,000
A: Equilibrium Income=$4000 full employment income =$8000 full employment income is more than…
Q: A friend offers you a free ticket to a concert, which you decide to attend. The concert takes 4…
A: Cost for You to conecrt =$0 (beacuse it is paying by your friend) But transporatation cost you =$15…
Q: Please complete the following sentence. Monopolistic competition and perfect competition differ…
A: Monopolistic and Perfect Competition have similar features but are different. Monopolistic…
Q: answer the question based on the following payoff matrix for a duopoly in which the numbers ndicate…
A: The duopoly is a part of oligopoly market structure where only two firms exist in the market.
Q: Explain the four different layers of protection and regulation that are imposed by regulators of…
A: The four layers of protection and regulation for commercial banks are important for ensuring the…
Q: d) Distinguish between stock and flow variables. Are flow variables related to stock variables and…
A: The development of economic variables is dependent on stock and flow variables. Stock variable…
Q: In an economy, the autonomous consumption is rs 100 and Marginal Propensity to Consume (MPC) is 06.…
A: Given that; Autonomous consumption =Rs100 Marginal propensity to consume(MPC) =0.6 Equilibrium level…
Q: A 4,2 2 F In U A 2 3,2 0,3 Out 2.4
A: Ans
Q: A. How is economic growth measured? B. Why is economic growth important? C. If a country's…
A: Economic expansion creates job opportunities and hence increases demand for labour, which is the…
Q: A loan of $20,000 is to be repaid in uniform monthly payments over 3 years. If the interest in 9%…
A: Principal value of loan = $2000 interest rate =9% compounded monthly maturity time =3 years Payment…
Q: From the following data calculate the value of operating surplus S.No. (i) (ii) (iii) (iv) (vi)…
A: Operating surplus - It is an accounting concept used in corporate and governmental accounts as well…
Q: Mary is an 18-year-old student who recently bought a used car Mary is looking to buy car insurance…
A: When one party has more information than the other, there is always asymmetric information, which…
Q: A company that has $70 billion in assets and $20 billion in net worth must include $50 billion in…
A: Anything that has a monetary value to the owner is considered an asset. In other words, assets can…
Q: Question C2: In modelling the demand for soccer using match-level data, explain the distinction…
A: The difference between a match's absolute and relative quality can be easily distinguished. While…
Q: How do fiscal and monetary policies compare in terms of timing?
A: Fiscal policy is Revenue and Expenditure policy of the government. The management of the revenue…
Q: 5. Rearden Metals is considering opening a strip mining operation to provide some of the raw…
A: Net present worth (NPV) is the distinction between the current worth of money inflows and the…
Q: If in an economy bank rate is increased how will it affect the demand for credit? Explain
A: To prevent volatility, the basic goal of monetary policy is to maintain control over the money…
Q: Select one: O a. O b. O c. O d. Between 2020 and 2021 the IS curve and LM curve both shifted to the…
A: IS-LM Curve The IS-LM model, also known as the investment-savings and liquidity preference-money…
Q: The following table shows the demand and supply of ice-cream market. Price (RM) Quantity Demanded…
A: Price Control can be of two types based on the purpose for which they are implemented - 1 .) Price…
Q: Take a linear demand curve like the one discussed in class, where the range of prices for which…
A: Demand and Supply Demand refers to the quantities of a commodity that the consumers are ready to…
Q: Question 8. In the absence of externalities, allocative efficiency is achieved at the Q where TR =…
A:
Q: Value of PO Is exact $5082.94. please show the proper calculation for this
A: Here we calculate the value of P0 of the given cashflow by using an annuity factor , gradient factor…
Q: What is the federal funds rate? What problems does the FED encounter when trying to control the…
A: In the United States, Fed makes monetary policy and influence the monetary system by making changes…
Q: a).Explain why allocating property rights might help solve the inefficient outcomes generated by…
A: Externalities occur when the market system does not deliver an efficient result. or the demand and…
Q: Where are nudges least likely to be useful O The choice is a very complicated one O A person has…
A: Nudge theory is an important part of behavioral economics. Nudge theory helps to alter the decisions…
Q: Price/costs 150 140 130 120 110 100 90 BO 70 60 50 40 30 20 10 0 299 AC 123456789101112131415…
A: The equilibrium price is the main price where the plans of customers and the plans of makers concur…
Q: Economics please help all 3 true or false and with explain
A: Since you have asked multiple question, we will answer first question for you. If you want any…
Q: E3 Economies of scale occurs in the long run when, as output increases and ... Group of answer…
A: Economics of scale occurs in the long run when the average total cost falls as an increase in…
Q: in normal form. Not cooperate Cooperate Not cooperate 20,20 50,0 Cooperate 0,50 40,40…
A: *Answer: Given, Not cooperate Cooperate Not cooperate 20,20 50,0…
Q: Consider the following production function, Q = KL where Q represents output, K represents units of…
A: Production function: Q = KL Q = output K = units of capital L = units of labour Marginal…
Q: Economics..
A: The workforce or labour force is a concept referring to the pool of human beings either in…
Q: 1. Mary buys a 20 year annuity immediate for $100,000 subject to 6% effective annual interest rate.…
A:
Q: Suppose that in Australia the price elasticity of steel demand of -1.5 and the price elasticity of…
A: "Price elasticity of demand measures the responsiveness of quantity demanded of a commodity with…
Q: What are the concepts of microeconomic theory with respect to the supply and demand of the inputs…
A: Demand refers to the quantity that a consumer wishes to buy at a given price in a given period of…
Q: new firms enter a emand curve will monopolistically competitive industry, an individual firm's…
A: All firms produce the differentiated products in the monopolistically competitive market. These…
Q: For a supermarket, would the overtime paid to the store's manager be classified as a fixed cost?…
A: Sellers must pay various factor payments to the producers of products and services in order to cover…
Q: Assuming that increase in investment is rs1000 crore and marginal propensity to consume is 0.9 then…
A: Any increase in expenditure on investment has a more than proportionately favourable effect on…
Q: Question 6: Discuss the following statements: a. 'Stabilisation policy can be used to help the…
A:
Q: Money is not an economic resource because: a. Money, as such, does not produce anything. b.…
A: Money is a good that serves as both a store of value and a medium of exchange, according to economic…
Q: 4. Show that in the NRM, under credit rationing, the autarkic wage-interest ratio is lower than the…
A: Perfect market: It refers to the market where there is no monopoly. This market provides a fair…
Step by step
Solved in 2 steps
- A company produces very unusual CD's for which the variable cost is $ 15 per CD and the fixed costs are $ 50000. They will sell the CD's for $ 79 each. Let a be the number of CD's produced. Write the total cost C as a function of the number of CD's produced. C =$ Write the total revenue R as a function of the number of CD's produced. R=$ Write the total profit P as a function of the number of CD's produced. P=$ Find the number of CD's which must be produced to break even. The number of CD's which must be produced to break even is Question Help: Video Submit Question. An electricity producer has a constant marginal cost of production equal to $40 per megawatt. The residual demand for its electricity is given by P (q) = a−bq, where P is the price and q is the quantity of power generated by this producer. The producer knows the slope, b, but he vertical intercept of the residual demand curve, a is unknown. Assume A and B are greater than zero. If you get stuck, you may answer any of the following questions for special case where a = 80 And b = 0.5 for partial credit. (a) What is the marginal revenue, M R(q), for this producer? b) What is the optimal q for this producer? (c) What is the electricity producer’s optimal price? (d) What is the electricity producer’s optimal bid in a uniform price Auction? e) Suppose b is equal to zero. Would the producer have an incentive to submit a bid above its marginal cost? Explain.he total revenue curve of a firm is R(q)=40q−12q and its average cost A(q)=130q−12.85q+20 +400q,where q is the firms output. i. Derive an expression C(q) for the firms total cost function. ii. Derive an expression Π(q) for the firms profit function. iii. Is the rate of change of profit increasing or decreasing when the ouput level of the firm is 10 units? iv. Determine the level of output for which the firms profit is maximized. v. What is the firmss maximum profit?
- If the demand function for math self-help videos is given by 45 -0.4x, and the total cost function to manufacture the videos is given by 4x + 17, evaluate the marginal profit function at x = 10. Marginal Profit = This means that if production and sales increase by one unit, then total profit will O increase decrease by approximately dollars.Given cost and price (demand) functions C(g)= 110q + 44,600 and p(g) = - 2g + 860, what is the marginal revenue at a production level of 55 items? The marginal revenue is $ . (Round answer to nearest dollar.) Pr rithA firm has a linear demand function for it's product.When the price of the product is sh.20,the quantity demanded is 40 units.When the price increases to sh.240 the quantity demanded becomes 30 units.In addition,the firm's marginal cost function is giving by: Mc = 40q- 2q^2+2 Fixed cost = 5 million Where q= quantity demanded,Mc = marginal cost(sh.million) Required 1.The level of output that maximises profits 2.The maximum profit 3.The price of the product at the maximum profit
- The company AffordableStuff sells cell phones. The marginal cost for each cell phone is given by the equation C(x) = 0.01x² – 3x + 229. a is the number of cell phones manufactured and sold. The marginal revenue function is R(x) = 429 – 2.x. Both C(x) and R(x) are given in dollars. a) Where do these curves intersect? What do those intersection points mean? b) Find the area between the curves, using end points that make sense. Round to the nearest cent. c) What does the area under the curve mean in this case?A firm has a linear demand function for its product. When the price of the product isSh.220, the quantity demanded is 40 units. When the price increases to Sh.240, thequantity demanded becomes 30 units. In addition, the firm’s marginal cost function isgiven by:MC = 40q – 2q2 + 2Fixed cost = Sh.5 millionWhere q = quantity demanded, MC = marginal cost (Sh. million)Evaluate the level of output that maximizes profits.1. It costs $25,000 to build 30 refrigerators. It costs $30,000 to build 40 refrigerators. Assuming that the cost function is linear, find the cost function C(x) where x is the number of refrigerators built. If each refrigerator sells for $1500, find the revenue function, profit function, and break-even point.
- 2.1 A manufacturer estimates that its variable cost for manufacturing a given product is given by the following expression: C(q) = 25q² + 2000q [$] where C is the total cost and q is the quantity produced a. Derive an expression for the marginal cost of production b. Derive expressions for the revenue and the profit when the widgets are sold at marginal cost.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. (b) Find a function for the average cost of this company?Эшestion 1 A computer retailing company specializes in the sale of jump drives to community college tudents. The demand function for jump drives is p=2x+10x+1000 dollars For the samne company the average cost function is given as: ē = 2x +36x-1600- 20 * dollars Where p is the price in dollars and x represents units of output. 1) i1) Find the price and output that will maximize profit. Find the maximum profit