Homework Answers
Add Answer to:
1. S2.1.04 Clancy, the owner of Clancy Farms, can produce up to 1300 barrels of corn...
Clancy, the owner of Clancy Farms, can produce up to 1300 barrels of corn on his...
Clancy, the owner of Clancy Farms, can produce up to 1300 barrels of corn on his farm. His seasonal cost is C(q) = 550 + 809 -0.02q When a barrels of corn are sold to the market, his seasonal revenue is R(q) = 1274 - 0.0492 -975. Determine the marginal revenue and marginal costat MC(975) - MR(975) - Since the marginal cost is less than the marginal revenue at 9 - 975, the quantity should be increased so that profit...
Can you label each one please . (1)A firm in a perfectly competitive market sells all...
Can you label each one please .
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) 128+ 690-14Q + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this level of output. (b)Derive the marginal...
please answer all of the following questions since theyre all related (1)A firm in a perfectly...
please answer all of the following questions since theyre all
related
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 +69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at...
please answer all of the following questions since theyre all related (1)A firm in a perfectly...
please answer all of the following questions since theyre all
related
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 +69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at...
a firm in perfectly competitive market sells all its products Q at constant price p (1)A...
a firm in perfectly competitive market sells all its products
Q at constant price p
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 +690 - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that...
1. A monopoly is facing an inverse demand curve that is p=200-5q. There is no fixed cost and the marginal cost of produc...
1. A monopoly is facing an inverse demand curve that is
p=200-5q. There is no fixed cost and the marginal cost of
production is given and it is equal to 50.
Find the total revenue function.
Find marginal revenue (MR).
Draw a graph showing inverse demand, MR, and marginal cost
(MC).
Find the quantity (q) that maximizes the profit.
Find price (p) that maximizes the profit.
Find total cost (TC), total revenue (TR), and profit made by
this firm.
Find...
nsert Page Layout Formulas Data Review ViewAd-ins Acrobat Home s Cut Tw Cen MT Wrap Text...
nsert Page Layout Formulas Data Review ViewAd-ins Acrobat Home s Cut Tw Cen MT Wrap Text Copy" Format Painter Bu a center. $ . % , a4l conditional format Formatting as Table Check Cel Number M15 I. Short-run and Long-run Equilibrium: Cost and Output Determination: Fill the red-colored cells Profit Maximiation: A Numerical Example The Valley Farm produces a quanfity quant of milk,Q,and sells each unit at the in galon market price, P Marginal Marginal Cost (MC-ATC/Aa Total Revenue Total...
The table below gives you information on the revenue and cost structures of the Vaca family...
The table below gives you information on the revenue and cost structures of the Vaca family dairy farm. The farm is a monopolist in the local market. How does the farm decide the number of gallons of milk to produce and the market price per gallon to charge? 1. In column 6, identify which of the 2 effects dominate as the quantity of output is increased: Price or Output. Assume that there is no fixed cost, and that the marginal...
Grace is the owner-operator of the only supplier of artificial turf (fake grass) in a small...
Grace is the owner-operator of the only supplier of artificial turf (fake grass) in a small town. Market demand is given by Q = 12,000 – 100p and marginal revenue is given by MR = 120 -0.02Q. Quantity is measured in square yards and price is measured in dollars per square yard. Grace's cost structure includes the following: Total Cost: C = 250,000 + 200 Marginal Cost: MC = 20 Average Cost: AC 250,000 Q + 20 (a) Calculate the...
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price...
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 Q TC(Q) = 128 +690-140 (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this level of output. (b)Derive the marginal revenue (MR) and the marginal cost(MC). Graph...
Clancy, the owner of Clancy Farms, can produce up to 1300 barrels of corn on his farm. His seasonal cost is C(q) = 550 + 809 -0.02q When a barrels of corn are sold to the market, his seasonal revenue is R(q) = 1274 - 0.0492 -975. Determine the marginal revenue and marginal costat MC(975) - MR(975) - Since the marginal cost is less than the marginal revenue at 9 - 975, the quantity should be increased so that profit...
Can you label each one please .
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) 128+ 690-14Q + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this level of output. (b)Derive the marginal...
please answer all of the following questions since theyre all
related
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 +69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at...
please answer all of the following questions since theyre all
related
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 +69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at...
a firm in perfectly competitive market sells all its products
Q at constant price p
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 +690 - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that...
1. A monopoly is facing an inverse demand curve that is
p=200-5q. There is no fixed cost and the marginal cost of
production is given and it is equal to 50.
Find the total revenue function.
Find marginal revenue (MR).
Draw a graph showing inverse demand, MR, and marginal cost
(MC).
Find the quantity (q) that maximizes the profit.
Find price (p) that maximizes the profit.
Find total cost (TC), total revenue (TR), and profit made by
this firm.
Find...
nsert Page Layout Formulas Data Review ViewAd-ins Acrobat Home s Cut Tw Cen MT Wrap Text Copy" Format Painter Bu a center. $ . % , a4l conditional format Formatting as Table Check Cel Number M15 I. Short-run and Long-run Equilibrium: Cost and Output Determination: Fill the red-colored cells Profit Maximiation: A Numerical Example The Valley Farm produces a quanfity quant of milk,Q,and sells each unit at the in galon market price, P Marginal Marginal Cost (MC-ATC/Aa Total Revenue Total...
The table below gives you information on the revenue and cost structures of the Vaca family dairy farm. The farm is a monopolist in the local market. How does the farm decide the number of gallons of milk to produce and the market price per gallon to charge? 1. In column 6, identify which of the 2 effects dominate as the quantity of output is increased: Price or Output. Assume that there is no fixed cost, and that the marginal...
Grace is the owner-operator of the only supplier of artificial turf (fake grass) in a small town. Market demand is given by Q = 12,000 – 100p and marginal revenue is given by MR = 120 -0.02Q. Quantity is measured in square yards and price is measured in dollars per square yard. Grace's cost structure includes the following: Total Cost: C = 250,000 + 200 Marginal Cost: MC = 20 Average Cost: AC 250,000 Q + 20 (a) Calculate the...
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 Q TC(Q) = 128 +690-140 (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this level of output. (b)Derive the marginal revenue (MR) and the marginal cost(MC). Graph...
Most questions answered within 3 hours.
-
Explain in detail the differences between qualitative and
quantitative forecasts. Include at least two examples of...
asked 1 minute ago -
Differentiate between response time and throughput.
Explain how the physical design of a database influences
performance...
asked 3 minutes ago -
Write MATLAB code to plot the following
waveforms.
Rectangular pulses:
????(?)
????(? − ?)
????(?/?) ...
asked 2 minutes ago -
4. Adam’s Inc.’s outstanding common stock is currently selling
in the market for $28. Dividends of...
asked 14 minutes ago -
question
you were
asked to create a regression that will predict the amount of saving
for...
asked 21 minutes ago -
If tcalc = -2.78, tcrit = 1.96, H0: Mu > Mu0, and Xbar <
Mu0, what...
asked 43 minutes ago -
Circular distribution
•Suppose two birds are flying, one is flying from the north and
the other...
asked 42 minutes ago -
please answer all... it all counts as a discussion problem
1a qualitative data and proportions: Suppose...
asked 46 minutes ago -
Typing The Answer Is Mandatory
Temperature is a measure of heat. More heat means that more...
asked 36 minutes ago -
An ideal gas ( 2.00 mol) is the working substance in an engine
that operates on...
asked 34 minutes ago -
Assume you are working with a standard deck of 52 cards. There
are 13 cards (2,...
asked 40 minutes ago -
A cell phone company offers two plans to its subscribers. At the
time new subscribers sign...
asked 39 minutes ago