Help with homework! managerial economics/microeconomics
Plot and solve the following problem (10 pts): Given the demand function, q= 30-(1/3)p and the cost function C(q) = 49+ q +(0,1)q2 Find the following: a. The inverse demand function b. The reservation price. c. Maximum (possible) sales =Maximum quantity. d. The Revenue function R(q) e. The Marginal Revenue function MR(q) f. Maximum Revenue point =(QR, pR) g. Maximum Revenue. h. Average cost function. AC(q) i. Marginal Cost function, MC(q) j. Minimum Average Cost point= (QAC, MinAC). Use the fact that at Min AC, k. Profit function Pai(q)= R(q)-C(q) l. Maximum Profit Point. (QM, pM) m. Maximum Profit.
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This graph shows a demand curve from point E to point S, an average cost curve...
This graph shows a demand curve from point E to point S, an
average cost curve labeled AC, a marginal cost curve labeled MC,
and a marginal revenue curve labeled MR. Under average-cost
pricing, the equilibrium price and output in the market are _____,
respectively.
(A) B and R
(B) A and T
(C) C and Q
(D) D and P
(E) A and Q
Price - MC MR R T S Quantity
2. Assume a pharmaceutical company invented a drug that is more effective in treating (or at...
2. Assume a pharmaceutical company invented a drug that is more effective in treating (or at least life extending) blood cancers and managed to obtain a patent on the drug making the company the sole provider of this blood cancer drug in the market for the next 30 years. Assume in the long-run (i.e.,in 30 years) as the patent expires, given a perfectly elastic long-run supply in the long-run, the competitive price becomes Pc, which also represents the industry’s marginal...
Part III. Graphing the perfectly competitive model (20 points). Use one graphing paper only for the graph. Attach the...
Part III. Graphing the perfectly competitive model (20 points). Use one graphing paper only for the graph. Attach the graphing paper with this completed questionnaire upon submission. All answers should be handwritten. Given: Selling price P=60 Total cost TC = 128 +69 Q-14 Q2 +Q? 1. Average cost equation AC= 2. Marginal cost equation MC = 3. Fill in the blanks in the table. You should be able to show that at the optimum rate of output, Q*, the profit...
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...
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...
You are a monopolist in a market with an inverse demand curve of: P=10-Q. Your marginal...
You are a monopolist in a market with an inverse demand curve of: P=10-Q. Your marginal revenue is: MR(Q)=10-2Q. Your cost function is: C(Q)=2Q, and your marginal cost of production is: MC(Q)=2. a) Solve for your profit- maximizing level of output, Q*, and the market price, P*. b) How much profit do you earn?
me bn dne one P 40- Q And suppose that Mr India is monopoly supplier of...
me bn dne one P 40- Q And suppose that Mr India is monopoly supplier of lamb biryani in the township with a constant marginal cost: MC 10 a) On a clearly labeled diagram, sketch the demand, marginal revenue, and marginal cost curves and calculate and show the monopolist's profit-maximising quantity (QM) and the price that will be charged in the market (PM). (4 marks) b) Calculate the consumer surplus and producer surplus at the monopoly equilibrium and the deadweight...
produce 16000 units of output. What is the cost minimizing combination of capital and labor for...
produce 16000 units of output. What is the cost minimizing combination of capital and labor for this firm? What is it's minimized cost of producing 16000 units of output? 2.2 Problem 2 In a perfectly competitive market all firms (including potential entrants) have a total cost function given by TC(Q) = 100Q - QP + ', where Q is that firm's output. Therefore, each firm's average cost function is AC(Q) = 100-Q+ Qand each firm's marginal cost function is given...
Microeconomics Help
Suppose you are a consultant for a monopoly firm that asks for an assessment of its pricing policies in the short run. What would you recommend in terms of price changes (raise, cut, or stay put) in each of the following situations (a through d): a. MR = $2100; MC = $250; and AVC = $290 b. P = $275; MR = $260; MC = $250; and AVC = $260 c. MR = $2100; MC = $2150; and AVC =...
A monopolist with constant average and marginal cost equal to 10 (AC = MC = 10)...
A monopolist with constant average and marginal cost equal to 10 (AC = MC = 10) faces demand Q = 100 - 2P, implying that its marginal revenue is MR = 100 - 4Q. Its profit maximizing quantity is Group of answer choices 22.5 45 90 80
This graph shows a demand curve from point E to point S, an
average cost curve labeled AC, a marginal cost curve labeled MC,
and a marginal revenue curve labeled MR. Under average-cost
pricing, the equilibrium price and output in the market are _____,
respectively.
(A) B and R
(B) A and T
(C) C and Q
(D) D and P
(E) A and Q
Price - MC MR R T S Quantity
Part III. Graphing the perfectly competitive model (20 points). Use one graphing paper only for the graph. Attach the graphing paper with this completed questionnaire upon submission. All answers should be handwritten. Given: Selling price P=60 Total cost TC = 128 +69 Q-14 Q2 +Q? 1. Average cost equation AC= 2. Marginal cost equation MC = 3. Fill in the blanks in the table. You should be able to show that at the optimum rate of output, Q*, the profit...
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...
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...
me bn dne one P 40- Q And suppose that Mr India is monopoly supplier of lamb biryani in the township with a constant marginal cost: MC 10 a) On a clearly labeled diagram, sketch the demand, marginal revenue, and marginal cost curves and calculate and show the monopolist's profit-maximising quantity (QM) and the price that will be charged in the market (PM). (4 marks) b) Calculate the consumer surplus and producer surplus at the monopoly equilibrium and the deadweight...
produce 16000 units of output. What is the cost minimizing combination of capital and labor for this firm? What is it's minimized cost of producing 16000 units of output? 2.2 Problem 2 In a perfectly competitive market all firms (including potential entrants) have a total cost function given by TC(Q) = 100Q - QP + ', where Q is that firm's output. Therefore, each firm's average cost function is AC(Q) = 100-Q+ Qand each firm's marginal cost function is given...
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