2) A doodad retailer is attempting to market its new product lineup as “the doodad that does it all” and now with “70% less ‘dad’ & 100% more ‘dood’”. If successful, the retailer will carve out a small portion of the market. The firm’s demand & cost structures would be: P = 220 – 3qi & TC = 350 + 10qi + 3qi2 . Answer the following questions about the firm.What is the firm’s optimal price & quantity strategy.What is the firm’s breakeven quantity(ies) (show your work).What is the expected long-run outcome for this firm (no math required here).What can this firm do to protect itself from potential long-run market adjustments.EC: Is this firm productively and allocatively efficient in the long-run (no math needed).I need help with number 2.

The break-even point is a term used in business and finance to refer to the level of sales or…

Answered: 2) A doodad retailer is attempting to…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2) A doodad retailer is attempting to market its new product lineup as “the doodad that does it all” and now with “70% less ‘dad’ & 100% more ‘dood’”. If successful, the retailer will carve out a small portion of the market. The firm’s demand & cost structures would be: P = 220 – 3q_i & TC = 350 + 10q_i + 3q_i² . Answer the following questions about the firm.

What is the firm’s optimal price & quantity strategy.
What is the firm’s breakeven quantity(ies) (show your work).
What is the expected long-run outcome for this firm (no math required here).
What can this firm do to protect itself from potential long-run market adjustments.
EC: Is this firm productively and allocatively efficient in the long-run (no math needed).

I need help with number 2.

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