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Use the following information to answer questions 10-14: Beth's Lawn Mowing Service is a small business...
John’s lawn mowing service is a small business that acts as a price taker. The prevailing...
John’s lawn mowing service is a small business that acts as a price taker. The prevailing fixed market price of lawn mowing is $20 per acre. John’s costs are given by: Total Cost (TC) = 0.1q2 + 10q +50. Marginal cost (MC) = change in TC/change in Q = 0.2q+10. Where q = the number of acres that John chooses to mow each day. a. How many acres should John choose to mow in order to maximize profit? b.Calculate John’s...
Beth’s Lawn Mowing Service acts as a monopoly. The prevailing market price equation is given by...
Beth’s Lawn Mowing Service acts as a monopoly. The prevailing market price equation is given by P = 20 - 0.2q where q represents one acre of lawn. Cost equations are as follows: Total Cost = 0.1q2 + 10q + 50 Marginal Cost = 0.2q + 10 a) How many acres should Beth choose to mow in order to maximize profits? b) Calculate Beth’s maximum weekly profits/losses.
12. At the profit maximizing output, calculate Beth's profit: a. $100 b. $200 c. -$2.50 d....
12. At the profit maximizing output, calculate Beth's profit: a. $100 b. $200 c. -$2.50 d. $40 5 13. Now suppose Beth's greedy father charges her to use the family lawn mower-$100 per week. Everything else is unchanged. How will this change affect the optimal number of acres to mow? a. b. c. Quantity will increase Quantity will decrease Quantity will remain unchanged 14. Suppose instead that Beth's father requires her to pay 50 percent of her weekly profits as...
Answer questions 4 through 10 based on the following information: Suppose the world price for clothing...
Answer questions 4 through 10 based on the following information: Suppose the world price for clothing is $50 per unit. Domestic demand and domestic supply are determined by the following equations: Domestic Demand: p=200-4 Domestic Supply: p= 20 + 4 where p and q represent price and quantity, respectively. 4. Suppose that any imported clothing is not allowed to enter the domestic market. Then the equilibrium price of domestic clothing is equal to A) $90 B) $100 C) $110 D)...
12. At the profit maximizing output, calculate Beth's profit: a. $100 b. $200 c. -$2.50 d. $40 5 13. Now suppose Beth's greedy father charges her to use the family lawn mower-$100 per week. Everything else is unchanged. How will this change affect the optimal number of acres to mow? a. b. c. Quantity will increase Quantity will decrease Quantity will remain unchanged 14. Suppose instead that Beth's father requires her to pay 50 percent of her weekly profits as...
Answer questions 4 through 10 based on the following information: Suppose the world price for clothing is $50 per unit. Domestic demand and domestic supply are determined by the following equations: Domestic Demand: p=200-4 Domestic Supply: p= 20 + 4 where p and q represent price and quantity, respectively. 4. Suppose that any imported clothing is not allowed to enter the domestic market. Then the equilibrium price of domestic clothing is equal to A) $90 B) $100 C) $110 D)...
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