p, think about Find the value of p that will maximize the total revenue when q...
For the following demand function, find a. E, and b. the values of q (if any) at which total revenue is maximized. q 36,400-8p2 a. Determine the elasticity of demand, E E (Type expression using p as the variable.) = an b. Determine the value of q that maximizes the revenue. Select the correct choice below, and if necessary, fill in the answer box within your choice. O A. Total revenue is maximized at about q (Round to the nearest...
Suppose a corn producer tries to maximize the total revenue P × Q, where P is the price of corns ($/bushel) which the producer takes as given, and Q is the total quantity (bushels). The producer is facing the following market demand: Q = 100 − 2P. What is the optimal level of corns that the producer produces? What is the corresponding total revenue? (Hint: setup as a constrained maximization problem and take the first order condition.)
If P=24-Q what price maximizes total revenue? (Can you solve using the point elasticity formula?) Enter as a value.
For the demand function q = D(p) = 453 - p, find the following. a) The elasticity b) The elasticity at p = 118, stating whether the demand is elastic, inelastic or has unit elasticity c) The value(s) of p for which total revenue is a maximum (assume that p is in dollars) a) Find the equation for elasticity. E(p) =
Find the value of Q when Firms A and B Cournot compete to maximize profits (i.e. when they simultaneously determine profit maximizing output). Firm A and Firm B compete in the sale of a product with market inverse demand given by P(0) = 260-Q, where Q is market output, and Q = 9A + 96 (9A = Firm A's output, 93 = Firm B's output). Firm A's Total Cost function is given by TCA9A) = 209A and Firm B's is...
For the demand function q =D(P) = 340 - p, find the following. a) The elasticity b) The elasticity at p = 105, stating whether the demand is elastic, inelastic or has unit elasticity c) The value(s) of p for which total revenue is a maximum (assume that p is in dollars) a) Find the equation for elasticity E(p) = 0 b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic or has unit elasticity....
Given the demand function is Q = 180-5P, find the following: a. The revenue function b. The revenue maximizing output and price c. The own-price elasticity ofdem and at P = $80 own-price elasticity of demand (En) is equal to one, in absolute value. What is the nature of total revenue when lepl 1?
For the demand function q = D(p) = /452 - p, find the following. a) The elasticity b) The elasticity at p= 107, stating whether the demand is elastic, inelastic or has unit elasticity c) The value(s) of p for which total revenue is a maximum (assume that p is in dollars)
a) Complete the table above. b) What single price should the firm charge everyone if it wants to maximize its total sales revenue and what will be its total revenue. c) Suppose that the government of Mt. Pleasant allows the firm to price discriminate on the basis of political affiliation. If the firm wishes to maximize its total sales revenue. how much should it charge each group and what will be its total revenue? d) What is the price elasticity of demand for...
business calc question: Unit 3 Block 4 homework Recall that the price elasticity of demand is found using the formula E = Q'(p) 1) For a certain company, the relationship between the price per sprocket and the number of sprockets sold is given by the function Q(p)- 745.68p 1517 where p is in dollars, and Q is the number of sprockets sold in milions i) Find the price elasticity of demand when the price of the sprockets is $3.28. Show...