Homework Answers
Profit = TR - TC = 440Q - 3Q^2 - 14Q - 225 = 426Q - 3Q^2 - 225
1) Differentiating profit wrt Q we get, dP/dQ = 426 - 6Q = 0
or, Q* = 71
2) Optimal profit = 426 * 71 - 3 * 71 * 71 - 225 =14898
3) the profit function must be concave which means that second order derivative at Q* must be less than 0.
bol ο οοοιοιιποπο οακαρίας 7/30/2020 Algebra 1 Section TC - Activities 4. Two functions are graphed...
bol ο οοοιοιιποπο οακαρίας 7/30/2020 Algebra 1 Section TC - Activities 4. Two functions are graphed below. One function is and the other function is git) for some whole number, n, greater than 1. Point A is at Which conclusion must be true? The solid curve represents because sg over the interval [..] The solid curve represents gt because og for 1> The dashed curve represents gibecause grises slower than fly over the interval [n..] The dashed curve represents because...
2. (54 points) Short-run costs. Suppose w 1, r 10 and K 20. C )q3 +200 a) (5 points) We have TC = WG) q3 + rK = On one graph (with q on the horizontal axis), graph the Total Cost, Variable Cost, and...
2. (54 points) Short-run costs. Suppose w 1, r 10 and K 20. C )q3 +200 a) (5 points) We have TC = WG) q3 + rK = On one graph (with q on the horizontal axis), graph the Total Cost, Variable Cost, and Fixed Cost functions. Pay attention to the shape of the curves, where they intercept the axes and each other (if they do), and the position of the curves relative to each other b) (9 points) Using...
Consider the cost function C(Q) = 400 + 0.5Q2 for RussCo to produce its new Phone....
Consider the cost function C(Q) = 400 + 0.5Q2 for RussCo to produce its new Phone. Using that cost function for the Phone, determine the profit-maximizing output, price and profit (or loss) for the RussCo Phone, and discuss its long-run implications, under three alternative scenarios: a. RussCo Phone is a perfect substitute with a similar product offered by Apple, Samsung and several other Phones that have similar cost functions and that currently sell for $400 each. b. RussCo Phone has...
Consider the cost function C(Q) = 400 + 0.5Q2 for RussCo to produce its new Phone....
Consider the cost function C(Q) = 400 + 0.5Q2 for RussCo to produce its new Phone. Using that cost function for the Phone, determine the profit-maximizing output, price and profit (or loss) for the RussCo Phone, and discuss its long-run implications, under three alternative scenarios: a. RussCo Phone is a perfect substitute with a similar product offered by Apple, Samsung and several other Phones that have similar cost functions and that currently sell for $400 each. 1.5 Points b. RussCo...
Consider a market that faces the following market supply and demand functions Q^S = −2 +...
Consider a market that faces the following market supply and demand functions Q^S = −2 + 2p Q^D = 16 − p where identical firms face the total cost function of T C = 8 + 3q + 1/2q^2 a) What is the market price? b) Derive the average variable cost, average total cost, and marginal cost functions. c) In the short run, how much does each firm produce? d) In the short run, how much economic profit or loss...
How do I solve this problem? 4. Benson's Park is a monopolist in the local camping market in the town of West Anderson. They face an inverse demand curve given by P-400-8Q, where Q is the number o...
How do I solve this problem?
4. Benson's Park is a monopolist in the local camping market in the town of West Anderson. They face an inverse demand curve given by P-400-8Q, where Q is the number of tickets they sell. The park's cost function is C(Q)-100+160 Write down Benson's profit function (2 point) Find the first-order condition for profit maximization. (2 points) Find the profit-maximizing price and quantity, and the maximum profit. (3 points) a. b. c. d. Calculate...
30. Consider the firm whose MC, AC, AVC, AFC functions are shown in the following graph. AC, AC 10 AF Output 50 100...
30. Consider the firm whose MC, AC, AVC, AFC functions are shown in the following graph. AC, AC 10 AF Output 50 100 120 If the output price is equal to $14, then the firm maximizes profits by producing? a. O units b. more than 50 but less than 100 units c. more than o but less than 50 units d. more than 100 but less than 120 units e. more than 120 units 31. Consider the firm whose MC,...
1. Use the graph below to answer the questions: 80 70 60 50 40 30 20...
1. Use the graph below to answer the questions: 80 70 60 50 40 30 20 10 State the equation for the demand curve (inverse demand function) shown in the graph above using the format P a-bQi a. b. State the equation for the demand function implied in the graph using the format Q c-dP Find the equation for Total Revenue, where TR is a function of output (Q): c. d. Find the equation for Marginal Revenue, where MR is...
I need assistance filling the table on the bottom, along with the last line. I have solved the top portion. any help...
I need assistance filling the table on the bottom,
along with the last line. I have solved the top
portion. any help will be much appreciated.
MonoHWa pts@1.33 On the left is your monopoly 1f you handle your customers PD without any discrimination and maximize your profits, then This 48 44 42 where MC crosses MR below this will be your Q of applied to the PD (price, demand) curve will result in price of Swhich at that quantity is...
5. Consider a version of the Cournot duopoly game, where firms 1 and 2 simul taneously...
5. Consider a version of the Cournot duopoly game, where firms 1 and 2 simul taneously and independently select quantities to produce in a market. The quantity selected by firm i is denoted q, and must be greater than or equal to zero, for i -1,2. The market price is given by p - 100 - 2q Suppose that each firm produces at a cost of 20 per unit. Further, assume that each firm's payoff is defined as its profit....
bol ο οοοιοιιποπο οακαρίας 7/30/2020 Algebra 1 Section TC - Activities 4. Two functions are graphed below. One function is and the other function is git) for some whole number, n, greater than 1. Point A is at Which conclusion must be true? The solid curve represents because sg over the interval [..] The solid curve represents gt because og for 1> The dashed curve represents gibecause grises slower than fly over the interval [n..] The dashed curve represents because...
2. (54 points) Short-run costs. Suppose w 1, r 10 and K 20. C )q3 +200 a) (5 points) We have TC = WG) q3 + rK = On one graph (with q on the horizontal axis), graph the Total Cost, Variable Cost, and Fixed Cost functions. Pay attention to the shape of the curves, where they intercept the axes and each other (if they do), and the position of the curves relative to each other b) (9 points) Using...
How do I solve this problem?
4. Benson's Park is a monopolist in the local camping market in the town of West Anderson. They face an inverse demand curve given by P-400-8Q, where Q is the number of tickets they sell. The park's cost function is C(Q)-100+160 Write down Benson's profit function (2 point) Find the first-order condition for profit maximization. (2 points) Find the profit-maximizing price and quantity, and the maximum profit. (3 points) a. b. c. d. Calculate...
30. Consider the firm whose MC, AC, AVC, AFC functions are shown in the following graph. AC, AC 10 AF Output 50 100 120 If the output price is equal to $14, then the firm maximizes profits by producing? a. O units b. more than 50 but less than 100 units c. more than o but less than 50 units d. more than 100 but less than 120 units e. more than 120 units 31. Consider the firm whose MC,...
1. Use the graph below to answer the questions: 80 70 60 50 40 30 20 10 State the equation for the demand curve (inverse demand function) shown in the graph above using the format P a-bQi a. b. State the equation for the demand function implied in the graph using the format Q c-dP Find the equation for Total Revenue, where TR is a function of output (Q): c. d. Find the equation for Marginal Revenue, where MR is...
I need assistance filling the table on the bottom,
along with the last line. I have solved the top
portion. any help will be much appreciated.
MonoHWa pts@1.33 On the left is your monopoly 1f you handle your customers PD without any discrimination and maximize your profits, then This 48 44 42 where MC crosses MR below this will be your Q of applied to the PD (price, demand) curve will result in price of Swhich at that quantity is...
5. Consider a version of the Cournot duopoly game, where firms 1 and 2 simul taneously and independently select quantities to produce in a market. The quantity selected by firm i is denoted q, and must be greater than or equal to zero, for i -1,2. The market price is given by p - 100 - 2q Suppose that each firm produces at a cost of 20 per unit. Further, assume that each firm's payoff is defined as its profit....
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