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1. Abby's Apples Abby's Apples is a perfectly competitive firm. Its total cost is: TC = 20 + 4Q? The market price of apples is: P = 5 Calculate Abby's profit-maximizing quantity, total revenue, total cost, and total profit (n). T== 20+%4Q2 P= MC dTC TR= P.Q mc= %3D Q* TR TC da ら10=SO 50 4S 5. 10 mC='/2Q P=MC tC=20+ Yulio)2=45 TT=TR-Tし 80-us-5 5=/2Q Q= 10

1. Abby's Apples Abby's Apples is a perfectly competitive firm. Its total cost is: TC = 20 + 4Q? The market price of apples is: P = 5 Calculate Abby's profit-maximizing quantity, total revenue, total cost, and total profit (n). T== 20+%4Q2 P= MC dTC TR= P.Q mc= %3D Q* TR TC da ら10=SO 50 4S 5. 10 mC='/2Q P=MC tC=20+ Yulio)2=45 TT=TR-Tし 80-us-5 5=/2Q Q= 10

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. Abby's Apples Abby's Apples is a perfectly competitive firm. Its total cost is: TC = 20 + 4Q² The market price of apples is: P = 5 Calculate Abby's profit-maximizing quantity, total revenue, total cost, and total profit (1). P= MC TC=20+Y4Q2 dTC %3D TR= P.Q mC= da Q* TR TC 5.10=S0 mc=/2Q TC=20+ Yulio)a=45 10 50 4S P=MC 5= /aQ TT =TR-T Q=10 80-4s-5 2. Banana Market The equilibrium market price in the perfectly competitive banana market is: P* = 10 The average cost equation of one banana firm, Benny's Bananas, is: AC = 4 + 1/2Q, Find Benny's profit-maximizing output and profit in the short run. te= 4Q+%½Q²→ mc= drc 4+Q Q* = _b dq p *-10 n* = _ 30 Pz MC 10=41Q - 4 tC= 90 TR=P.Q= 6 10 = 60 60-90 = - 30
Transcribed Image Text:1. Abby's Apples Abby's Apples is a perfectly competitive firm. Its total cost is: TC = 20 + 4Q² The market price of apples is: P = 5 Calculate Abby's profit-maximizing quantity, total revenue, total cost, and total profit (1). P= MC TC=20+Y4Q2 dTC %3D TR= P.Q mC= da Q* TR TC 5.10=S0 mc=/2Q TC=20+ Yulio)a=45 10 50 4S P=MC 5= /aQ TT =TR-T Q=10 80-4s-5 2. Banana Market The equilibrium market price in the perfectly competitive banana market is: P* = 10 The average cost equation of one banana firm, Benny's Bananas, is: AC = 4 + 1/2Q, Find Benny's profit-maximizing output and profit in the short run. te= 4Q+%½Q²→ mc= drc 4+Q Q* = _b dq p *-10 n* = _ 30 Pz MC 10=41Q - 4 tC= 90 TR=P.Q= 6 10 = 60 60-90 = - 30
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