1. A company has the following average income (demand) curve: P=100-0.01Q. Where Q is weekly production and P is price, measured in cents per unit. The company's cost function is given by CT = 50Q + 30,000. Suppose the firm maximizes its profits. a) What is the level of production, the price and the total profit per week? b) The government decides to impose a tax of 10 cents per unit on this product. What would the level of output, price, and profit be as a result of this?

Q: Suppose that each firm in a competitive industry has the following costs: TC = 50+ q? Total Cost:…

A: Hi, thank you for the question. As per our Honor Code, we can attempt only the first three subparts…

Q: Project #1: Parts I, II & III: The demand function for a product is p = 30 – 0.3q and the average…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Consider a firm with the following production function: f(x1,x2) = If the input prices are 2 and 4…

A: We are going to use Marginal rate of technical substitution ( MRTS) concept to answer this question.…

Q: The marginal revenue (in thousands of dollars) from the sale of x gadgets is given by the following…

A: Given  Marginal revenue:  R'(x)=4x(x2+30,000)-2/3  Here revenue is in thousands of doller. Revenue…

Q: The total revenue curve of a firm is R(q) = 40q – 12q² and its 400 average cost A(q) =9 – 12.85q +…

A:

Q: Please answer all three questions below (part a,b & c), thank you. Consider a firm with 1 input and…

A: Production function : f(x) = x1a Input price = c  Output price = p  A producer demands that level of…

Q: demand curve faced by the firm is: P = 230 - 4Q where Q = Q1 + Q2 total cost equations for the two…

A: MC (marginal cost) is the cost incurred by the firm when an additional unit of a good is produced.…

Q: QUESTION 1 Given a demand curve of P = 170 - 3Qd and supply of P = 2 + 6Qs, find the optimal level…

A: The demand curve is given as The supply curve is given as

Q: 2. Suppose the production function of a firm is given by f (x₁, x2) : = 2x1 + 4x2. (a) Calculate the…

A: Production function shows the relationship between inputs and output. Isoquant represents the…

Q: Suppose you own a business form that faces the following demand curve: P = 8 0 - 2 Q .…

A: Part 1: Calculating Maximum Profits under the Benchmark CaseTo find the maximum profit under…

Q: Pierce Manufacturing determines that the daily revenue, in dollars, from the sale of x lawn chairs…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: Zevon's cafe has the following costs: $9,000 per month in rent, $4,000 per month in wages, $2,000…

A: Any business is run on the basis of costs and profits. In finance, the accounting profit is the key…

Q: a) At a price of $6, the firm's total fixed cost is TFC = b) At the firm's break-even price, the…

A: The total production process of a firm is an amalgamation of various costs, the optimum quantity…

Q: Find the marginal profit. C(x)=4x^2; R(x)=x^3+5x+15

A: Profit=Revenue-CostProfit=(x3+5x+15)-(4x2)Profit=x3-4x2+5x+15

Q: Assume demand is: P = 76 – and total cost is: TC = 20 + Q² What is the quantity that maximizes…

A: Profit maximize quantity is the quantity where MR is equals to MC , here we calculate the MR and MC…

Q: The market for a slice of pizza in Oakland is highly competitive. The market demand for a slice of…

A: Market Demand functionD(p) = 1200 - 200pCost function of each individual firmFC = Fixed Cost

Q: A firm faces the market demand curve: P=90-Q/4 where P = price and Q = output The firm has the total…

A: Given:P=90-Q4TC=1/4Q2-6Q+40 Now,TR=P×QTR=90-Q4×QTR=90Q-Q24

Q: 2. Suppose the production function of a firm is given by f (x1, x2) = 2x1 + 4x2. (a) Calculate the…

A: Economics refers to the social science that studies the production, distribution, and consumption of…

Q: You sell items. Your marginal revenue and marginal cost are given by the formulas:  MR (q)=…

A: The firm would involve the cost of the production of the goods and services to produce goods and…

Q: What is this firm's supply curve? In answering this question, indicate the minimum price necessary…

A: A supply curve is a graphical representation of the relationship between the price of a good or…

Q: Assume the market for tortillas is perfectly competitive. The market supply and demand curves for…

A: Given : The firm is competitive  Supply : P = 5 Q  Demand : P = 120 - 10 Q  Marginal cost : MC = 20q…

Q: Suppose that the long run cost function of a price taking firm is given by C(q)=12+3q2+3q. Solve…

A: A firm in the long run would be earning at a higher level than the cost they are indulging. It means…

Q: (Enter your At a price of $18 per CD, a firm sells 40 CDs. If the slope of the demand curve is -…

A: Marginal revenue is the revenue generated from the sale of an additional unit of output.  Total…

Q: A firm has the following demand and average total cost functions: Q = 30 − P ATC =7/Q− 6 +1/2Q…

A: The total revenue of a firm is the total payment it receives from the sale of goods and services.…

Q: profit-maximizing firm in a competitive market is currently producing 100 units of output. It has…

A: Profit maximization is a process business firms undergo to ensure the best output and price levels…

Q: The intersection of a firm's marginal revenue and marginal cost curve determines the level of output…

A: A firm maximises its profit when the marginal revenue is equal to the marginal cost (MR=MC).

Q: what is the ordered pair ?

A: The break even point in any business is where your revenue is just equal to your expenses. The cost…

Q: Assume the demand and total cost functions for soccer balls are given in the following form: Demand:…

A: The competitive market is a market type which is characterized by a large number of buyers and…

Q: retail chain will buy 900 cordless phones if the price is ​$30 each and 800 if the price is ​$40. A…

A: It is provided that the supply and demand functions are linear. From the given information it is…