1. TC = 400 + 35Q – 6Q2 + 0.1Q³ Draw TC, TFC, MC and TVC schedule with graphsfrom Q=10 to Q=502. TR = 53.5Q – 0.7Q? Calculate and draw the graphs of TR, MR and AR3. Also do the following for the functions given in question 3 and 4:a. Calculate maximum profitb. Show at what quantity the Profit is Maximum.c. Show the point if MC and MR are equal at maximum profit quantity.

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

Answered: 1. TC = 400 + 35Q – 6Q² + 0.1Q³ Draw…

Business

Economics

1. TC = 400 + 35Q – 6Q² + 0.1Q³ Draw TC, TFC, MC and TVC schedule with graphs from Q=10 to Q=50

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: The Cost Of Production

Section: Chapter Questions

Problem 1CQQ

See similar textbooks

Similar questions

(b) You are the CEO for a lightweight compasses manufacturer. The demand function for the lightweight compasses is given by p = 40 – 4q²where q is the number of lightweight compasses produced in millions. It costs the company $15 to make a lightweight compass. (i) Write an equation giving profit as a function of the number of lightweight compasses produced. (ii) At the moment the company produces 2 million lightweight compasses and makes a profit of $18,000,000, but you would like to reduce production. What smaller number of lightweight compasses could the company produce to yield the same profit? Problem з
Consider total cost and total revenue given in the following table: TABLE IN IMAGE Calculate profit for each quantity. How much should the firm produce to maximize profit?(ii) Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points betweenwhole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2½.) At what quantitydo these curves cross? How does this relate to your answer to part (a)?(iii) Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in along-run equilibrium? (8.75)
(b) You are the CEO for a lightweight compasses manufacturer. The demand function for the lightweight compasses is given by p 40 – 4q²where q is the number of lightweight compasses produced in millions. It costs the company $15 to make a lightweight compass. (1) Write an equation giving profit as a function of the number of lightweight compasses produced. (11) At the moment the company produces 2 million lightweight compasses and makes a pre of $18,000,000, but you would like to reduce production. What smaller number of lightweight compasses could the company produce to yield the same profit? Σ BIUG G |卡三 = 9 ..
Don't use chatgpt or any AI A profit-maximising firm in a competitive market is currently producing 1,000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $10,000. a) What is its profit? b) What is its marginal cost? c) What is its average variable cost? Is the efficient scale of the firm more than, less than or exactly 1,000 units?
Plz solve correctly
(b) You are the CEO for a lightweight compasses manufacturer. The demand function for the lightweight compasses is given by p = 40−4q2where q is the number of lightweight compasses produced in millions. It costs the company $15 to make a lightweight compass. (i) Write an equation giving profit as a function of the number of lightweight compasses produced. (ii) At the moment the company produces 2 million lightweight compasses and makes a profit of $18,000,000, but you would like to reduce production. What smaller number of lightweight compasses could the company produce to yield the same profit?
How would you calculate a firms total cost and total revenue using this graph?
for this graph answer the following question what is the total revenue? what is the total profit? what is the maximun point?
HOW TO CALCULATE PROFIT FROM THIS GRAPH?
Dear pro expert Hand written solution is not allowed.
1. You are running a (small) chain of gourmet burger joints with two locations (San Antonio and Laredo) You have been charging $10 for your burger meal (fries, burger and soft drink). Across both locations, you sell 2400 meals per week at this price. When you raised the price to $13 for the burger meal, your sales across the two locations fell to 1800 meals per week. For your costs, you have fixed costs of $3000 per week across the two locations. In addition, it costs you six dollars per burger in variable costs (ingredients, labor etc.) A. What is your combined cost function across the two locations? B. Using the two prices above, estimate your combined demand function across the two locations? C. Using the combined demand function and cost function calculated above, calculate the profit-maximizing price and quantities? D. What are your (combined) weekly profits across the two locations?
Question Four a) A fim, focusing on producing meat pie has a demand function 20 25-0.25P. If fixed cost is 145 and variable cost per urit function is 2Q- 40 + , where Q is number of meat pie produced and Pis the price per unit: i. 275 Determine the number of meat pies that maximizes the company's profit. ii. How much should the fimcharge per unit of the product? iii. Find the total profit at the profit mximizing level of output. iv. Using the own price edasticity of demand, comment on the fimis pricing policy optiors. b) The production function for Amzonbuưgers, producers of delicious burgers at Sao Tome, is given as: Q = K%L% If the wage rate is $15 per unit of labour, and cost of capital is $1,920 per unit and you have 1 unit of capital which carmot be changed, and the firmemploys 8 units of labour; i. Calculate the fimts total cost ii. Calculate the fim's average cost ii. Estimate the marginal product of labour