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1. Use the graph below to answer the questions: 80 70 60 50 40 30 20 10 State the equation for the demand curve (inverse demand function) shown in the graph above using the format P a-bQi a. b. State the equation for the demand function implied in the graph using the format Q c-dP Find the equation for Total Revenue, where TR is a function of output (Q): c. d. Find the equation for Marginal Revenue, where MR is a function of output (Q): e. If MC 20, find the output level that maximizes Total Revenue: f. IfMC 20, find the output level that maximizes Total Profit Due date: Thursday 1/31 at the time of class
Homework Assignment 1 You must show all your work to earn points ECON 3125 SP19 Name Suppose that a firm faces the demand eurve, P-300-40, where P denotes price in dollars and C denotes total unit sales. The cost equation is TC- 300+92Q a. Determine the firms profit-maximizing output and priee. 2points b. Given the output (0) value from part a, compute Total cost and Marginal cost when the cost equation is TC- 300+92Q: I point c. Suppose that there is a change in the production process so that the cost equation becomes TC- 1,800+10Q+Q?. Compute the new Total cost and Marginal cost at the same output level (Q value) from part a: 1 point d. Determine the firms new output and price level when the cost equation is TC = 1,800 + 10Q + Q? and the demand curve remains P- 300-4Q 2 points e. Using your answers to part b and c, explain why the profit maximizing quantity changed in your answers to part a and part d: 1 point
ust show all your work to earn points Name: 3. A U.S. textbook publisher is introducing a new economics textbook, Managerial Economics -It is no Graphing matter, to the domestie market. Each book is produced at a constant marginal cost of S98 per 278- measured in thousands). book. Management predicts that annual domestic demand for the book is Po- 0.3Qo, where Po- price of a book in dollars, and Qo denotes the number of books (as a. Assuming no costs beyond the MC of $98 per book, state the profit equation for the domestic l point market: b. State the marginal profit equation for the domestic market: 1 point c. Determine the optimal quantity and price of the book in the domestic market: 2 points d. Using your answers to parts a and b, compute the total profit in the domestic market, assuming no fixed costs: 1 point No Name University has a successful football team, the Lethargic Leeches, and sells tickets to students, alumni, and the public. Experience has shown that attendance has followed the demand relationship: Q- 28,000 - 2,000F 4. a. If No Name U charges $7 per ticket, predict attendance (Q). 1 point dasao -a,000(1) c. Now, assume that the current capacity of the football stadium is 10,000 seats, what ticket price should be set for the stadium to be sold-out? lo,000 36,000-2,000 P 1 point Due date: Thursday 1/31 at the time of class
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Answer #1

demoma touesPazis bz Slope demand Perpendicular go Base The dem c) The To-ai reveme (TR)a P TR # 80Q-106] (MR). 3TR or 犬MR = 300 - 8 Th si: TC- 3002 ,300 -8 2 . 26 b) At Q, 26, TC: 300+ q2(26): 2692 Ai Q:26, TC: 1800+10 (26)-t (26), 2736 At Q: 26, MC 10+2(26): 62 0 300-8 26 Or P84 e inithial situahon t ne n «os- constamt and hih nan MC second situahom atynı second stu ahom nambi +a incre an3 . a) Cost c. 43 Probit T- TR -TC 28-o3- e が20 ● P*-188 d) At Pz188, Q、300; . 19000 ,. Q: 28000-2000(7) AtPa A P $a ne sta dium wonla be sold o

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