1. Suppose a company has demand function given by q = 220- 4p and a cost function C(q) = 1525 + 12q. At what price the profit is maximized? At what price there will be no profit? Show all steps Hint: Revenue = p x q Where p is price and q is the quantity profit = Revenue – cost
1. Suppose a company has demand function given by q = 220- 4p and a cost function C(q) = 1525 + 12q. At what price the profit is maximized? At what price there will be no profit? Show all steps Hint: Revenue = p x q Where p is price and q is the quantity profit = Revenue – cost
Chapter12: Firms In Perfectly Competitive Markets
Section: Chapter Questions
Problem 9P
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![1. Suppose a company has demand function given by q = 220- 4p and a cost function C(q) =
1525 + 12q. At what price the profit is maximized? At what price there will be no profit? Show
all steps
Hint:
Revenue = p x q
Where p is price and q is the quantity
profit = Revenue – cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffbf3fc5f-919c-4f52-bc3b-e96bc8634cee%2Ffa8a1ad1-488b-48c5-aa2f-bd96abd287dd%2Fuhvgze.jpeg&w=3840&q=75)
Transcribed Image Text:1. Suppose a company has demand function given by q = 220- 4p and a cost function C(q) =
1525 + 12q. At what price the profit is maximized? At what price there will be no profit? Show
all steps
Hint:
Revenue = p x q
Where p is price and q is the quantity
profit = Revenue – cost
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