Homework Answers
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Answer: b) 5
MR = 100 - 2Q
MC = 50 + 8Q
Profit is maximised when MR is equal to MC
MR = MC
100 -2Q = 50 + 8Q
100-50 = 8Q + 2 Q
50 = 10 Q
Q = 50/10 = 5
So, in order to maximize profit 5 socks should be produced
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is 10. The marginal revenue of socks given as MR = 100-2Q The marginal Cost Of...
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4. [20...
4. [20 pts] Suppose your Marginal Revenue is given by MR =450+5q and Marginal Cost is...
4. [20 pts] Suppose your Marginal Revenue is given by MR =450+5q and Marginal Cost is given by MC=0.25q2 -25q +925 (a) 10 pts Find the area between the graphs of MR and MC for 0sqs65 (b) 5 pts] What does your answer in (a) represent in the context of the given situation of revenue, cost and profit? 5 pts What doesMC dt represent in the context of the given situation of (c) 58 revenue, cost and profit?
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#1
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The graph below shows a monopolist's demand (D), marginal
revenue (MR), marginal cost (MC), and average total cost (ATC)
curves. Management wants to adjust the production output quantity
to maximize the firm's profits. What quantity should the firm aim
for?
Give your answer by dragging the Q line to a new position to mark
the quantity at which profit is as large as possible.
Price and cost ATC MC MR Quantity
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4. [20 pts] Suppose your Marginal Revenue is given by MR =450+5q and Marginal Cost is given by MC=0.25q2 -25q +925 (a) 10 pts Find the area between the graphs of MR and MC for 0sqs65 (b) 5 pts] What does your answer in (a) represent in the context of the given situation of revenue, cost and profit? 5 pts What doesMC dt represent in the context of the given situation of (c) 58 revenue, cost and profit?
4. [20...
4. [20 pts] Suppose your Marginal Revenue is given by MR =450+5q and Marginal Cost is given by MC=0.25q2 -25q +925 (a) 10 pts Find the area between the graphs of MR and MC for 0sqs65 (b) 5 pts] What does your answer in (a) represent in the context of the given situation of revenue, cost and profit? 5 pts What doesMC dt represent in the context of the given situation of (c) 58 revenue, cost and profit?
#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...
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The graph below shows a monopolist's demand (D), marginal
revenue (MR), marginal cost (MC), and average total cost (ATC)
curves. Management wants to adjust the production output quantity
to maximize the firm's profits. What quantity should the firm aim
for?
Give your answer by dragging the Q line to a new position to mark
the quantity at which profit is as large as possible.
Price and cost ATC MC MR Quantity
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