Find the number of units that maximize profit and calculate Total Profit Total Profit = -42...
Find the number of units that maximize profit and calculate Total Profit
Total Profit = -42 + 900x
Total Cost = 140x + 6100
Profit equation is P= TR - TC solve for TR (TR= P + TC) then find number of units that maximize profit and calculate Total Profit
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Find the number of units that maximize profit and calculate
Total Profit
Total Profit = -42...
17. To maximize profits, a firm must choose its quantity at the point where... a. Total...
17. To maximize profits, a firm must choose its quantity at the point where... a. Total revenue (TR) - total cost (TC). b. Marginal revenue (MR)= marginal cost (MC). c. MR-MC is maximized. d. TR is maximized. 18. For a profit maximizing monopoly that uses the same price for all its customers, which of the following is true at the monopoly's profit maximizing quantity? a. MR =P b. MC-P. c. MR>P. d. MC>P. e. MR<P
#1 1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70...
#1
1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70 60 50 40 TC 200 400 600 800 800 1,000 1.200 1.400 a) Is the firm a price-taker or price searcher? Explain. b) Complete the Total Revenue (TR) and Profit schedules. c) How many units of output (Q) should the firm produce to maximize profits? d) What price (P) should the...
Find a maximum profit for a firm if its total revenue function is TR = 50Q...
Find a maximum profit for a firm if its total revenue function is TR = 50Q ‒ Q2 and its total cost function is TC = 100 ‒ 4Q + 2Q2
1) The profit maximizing output for this monopolist is ________ units (numeric). 2) The profit maximizing...
1) The profit maximizing output for this monopolist is ________
units (numeric).
2) The profit maximizing price this monopolist will charge is $
_______(Numeric).
3) The total revenue (TR) this monopolist will receive when it
maximizes its profit is $ _______(Numeric).
4) The average total cost (ATC) this monopolist will experience
when it maximizes its profit is $ _______(Numeric).
5) The total cost (TC) this monopolist will experience when it
maximizes its profit is $ _______(Numeric).
6) This monopolist earns...
MC ATC S d., MA, Question 4. Assume this form is trying to maximize Profit under...
MC ATC S d., MA, Question 4. Assume this form is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution Price and Cost(dollars) TE 15x17 255 TC-11717= 187 TR>TC Tuc=119 TFC 68 255-189 I Profit = 68 Te-TUC+ TF C l Quantity (a) Case 1 MC ATC Question 5. Assume this firm is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution. LOS Price...
mple, the total cost The intercept of the able cost per unit, V. where the TR...
mple, the total cost The intercept of the able cost per unit, V. where the TR and TC ple). The Adventures sells 100 trips ll the graph). The slope of TR is the price per un Desert Adventures). The total cost (TC) line shows the total cost for each volume. For example, the to for a volume of 100 trips is $254,400 (= 1100 x $1,200] + $134,400). The intero total cost line is the fixed cost for the period,...
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions:...
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions: TR = 10Q TC = 2 + 2Q + Q2 MC = 2 + 2Q At the level of output maximizing profit , the above firm's level of economic profit is A) $0 B) $4 C) $6 D) $8 *Additional information after I did the math: The price this firm charges for its product is $10, the level of output maximizing profit is 4...
Question 3-4 SESSION 13 The marginal revenue is the rate of change in total revenue per...
Question 3-4
SESSION 13 The marginal revenue is the rate of change in total revenue per unit increase in output, Q The marginal cost is the rate of change in total cost per unit increase in output, Q AR is defined as average revenue per unit for the first Q su ccessive units sold. AR is determined by dividing total reven ue by the quantity sold, Q The AR function is equal to price, P. where Pis given by the...
3. A firm produces two goods in pure competition and has the following total revenue and total cost function. TR(X1,X2) = 18x1 + 15x2 (a) Maximize profits for the firm, using matrix inversion to...
3. A firm produces two goods in pure competition and has the following total revenue and total cost function. TR(X1,X2) = 18x1 + 15x2 (a) Maximize profits for the firm, using matrix inversion to solve the first-order conditions. 13) Answer: 3 (. Refar to the fim in Question 3(0) use the Hessian to check the second conditions for profit maximization. 13] Answer:
3. A firm produces two goods in pure competition and has the following total revenue and total cost...
Maximize Profit
A TV retailer supposes that in order to sell n nimber of TVs, the price per unit must follow the model p=600 - 0.3n. The retailer also supposes that the total cost of keeping n number of TVs in inventory is given by the model C(n) = 0.3n^2 + 5000. How many TVs must the retailer keep in inventory and sell in order to maximize his profit?
17. To maximize profits, a firm must choose its quantity at the point where... a. Total revenue (TR) - total cost (TC). b. Marginal revenue (MR)= marginal cost (MC). c. MR-MC is maximized. d. TR is maximized. 18. For a profit maximizing monopoly that uses the same price for all its customers, which of the following is true at the monopoly's profit maximizing quantity? a. MR =P b. MC-P. c. MR>P. d. MC>P. e. MR<P
#1
1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70 60 50 40 TC 200 400 600 800 800 1,000 1.200 1.400 a) Is the firm a price-taker or price searcher? Explain. b) Complete the Total Revenue (TR) and Profit schedules. c) How many units of output (Q) should the firm produce to maximize profits? d) What price (P) should the...
1) The profit maximizing output for this monopolist is ________
units (numeric).
2) The profit maximizing price this monopolist will charge is $
_______(Numeric).
3) The total revenue (TR) this monopolist will receive when it
maximizes its profit is $ _______(Numeric).
4) The average total cost (ATC) this monopolist will experience
when it maximizes its profit is $ _______(Numeric).
5) The total cost (TC) this monopolist will experience when it
maximizes its profit is $ _______(Numeric).
6) This monopolist earns...
MC ATC S d., MA, Question 4. Assume this form is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution Price and Cost(dollars) TE 15x17 255 TC-11717= 187 TR>TC Tuc=119 TFC 68 255-189 I Profit = 68 Te-TUC+ TF C l Quantity (a) Case 1 MC ATC Question 5. Assume this firm is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution. LOS Price...
mple, the total cost The intercept of the able cost per unit, V. where the TR and TC ple). The Adventures sells 100 trips ll the graph). The slope of TR is the price per un Desert Adventures). The total cost (TC) line shows the total cost for each volume. For example, the to for a volume of 100 trips is $254,400 (= 1100 x $1,200] + $134,400). The intero total cost line is the fixed cost for the period,...
Question 3-4
SESSION 13 The marginal revenue is the rate of change in total revenue per unit increase in output, Q The marginal cost is the rate of change in total cost per unit increase in output, Q AR is defined as average revenue per unit for the first Q su ccessive units sold. AR is determined by dividing total reven ue by the quantity sold, Q The AR function is equal to price, P. where Pis given by the...
3. A firm produces two goods in pure competition and has the following total revenue and total cost function. TR(X1,X2) = 18x1 + 15x2 (a) Maximize profits for the firm, using matrix inversion to solve the first-order conditions. 13) Answer: 3 (. Refar to the fim in Question 3(0) use the Hessian to check the second conditions for profit maximization. 13] Answer:
3. A firm produces two goods in pure competition and has the following total revenue and total cost...
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