If demand is given by P= 23-3Q, then total expenditure/revenue is maximized at P=
The following is the demand curve for widgets P=120 - 1.5Q Total revenue= 120Q - 1.5Q^2 Marginal revenue = 120 - 3Q 1) At what level of output is total revenue maximized and what is the corresponding price? 2) what is the value of marginal revenue when the price is $90? 3) what is the point price elasticity when the price is $90?
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...
Why profit maximized when demand is elastic and revenue is maximized when demand is unit elastic leading the price of profit-maximizing higher than revenue-maximizing? Explain your answer by a graph.
If Q = 400 – 2P, at what price is revenue maximized at? For the demand equation P = 36 - 2Q, what Price will maximize total revenue? If TC=40+6QTC=40+6Q and EP=−3EP=−3 what is the optimal price to be charged? If TC=75+15QTC=75+15Q and EP=−2EP=−2 is P=$30 the optimal price?
U Lelywhere? To nie 8. Suzy has a demand for yoga given by P = 15 – 3Q. What is the elasticiu! demand at price $9? Is this elastic or inelastic? At what price is total evner maximized? What is the elasticity at this price? 9. The tune if I had 1 to
Total revenue is maximized where: A. PED = 1 B. MR = 0 C. P x Q is maximized D. All of the above
1. We have the demand function P = 24 3Q for a product. (a) Calculate the price elasticity when price is $14. (b) Suppose there is only one firm in this market (monopoly), and the firm’s total revenue is defined as P*Q. What’s the price level that maximizes the total revenue?
Consumers’ total expenditures (or a firm’s total revenue) is maximized where (a) the price is relatively high and the quantity is relatively low. (b) price-elasticity of demand is equal to one. (c) price-elasticity of demand is greater than one. (d) None of the above.
Inverse demand for a good is given by the function p = 55 – 3q and inverse supply is given by the function p = 10 + 2q. The resulting per-unit price is $28, and the quantity supplied and demanded is 9. The government now sets a price ceiling of $26, and for simplicity. assume that any goods produced are sold to consumers with the highest willingness to pay. What is the resulting consumer surplus? * 121.5 (Round to the...
Use the following equations to answer the remaining homework questions: Demand: P = 80 – 3Q Supply: P = 2Q + 20 What is the equilibrium price? What is the equilibrium quantity? What is the consumer surplus? What are total expenditures for consumers? What is producer surplus? What is the total revenue for the producer?