2. A profit maximizing firm has a demand -3 function X= 2000PX and a cost function C(X)=5+4X. Determine: a. The break even point (quantity, price and revenue) of the firm. b. The quantities, marginal revenues and revenues at the following prices: 8, 30, 64. c. The optimal price and quantity and profit for the firm/

2. A profit maximizing firm has a demand -3 function X= 2000PX and a cost function C(X)=5+4X. Determine: a. The break even point (quantity, price and revenue) of the firm. b. The quantities, marginal revenues and revenues at the following prices: 8, 30, 64. c. The optimal price and quantity and profit for the firm/

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

A profit-maximizing firm decides to shut-down production in the short-run. Its total fixed cost of production is $100, i.e. TFC = $100. Which of the following statements is true? a If the firm produced, the firm's revenues would have been lower than $100. bIf the firm produced, the firm's total variable cost must be lower than $100. cIf the firm produced, the firm's losses would have been higher than $100. dIf the firm produced, the firm's total variable cost would have been higher than $100.
Explain it early but correctly.
The monthly demand for dresses is given byP = 0.04Q + 25where P denotes the price and Q denotes the quantity demanded. The monthly cost function for dresses isC= −0.96Q²+ 4Q + 100 i. Find the revenue functionii. Find the profit functioniii. Find the marginal costiv. Find the marginal revenuev. Find the quantity the firm would produce if it were operating in a perfectly competitivemarket.
Answer the questions based on the table below - Complete the table below. - In which market does this firm operate? Explain your reasons. - Determine the equilibrium output. Calculate whether the firm will it be earning a profit or suffering a loss at equilibrium. Quantity(unit) Total Revenue($) Average Revenue($) MarginalRevenue($) TotalCost($) MarginalCost($) 1 10 5 2 18 11 3 24 16 4 28 20 5 30 23 6 30 25
What relationship determines whether or not a firm should stay open in the short run? A) The price of the goods it sells and its average total cost. B) The price of the goods it sells and its average variable cost. C) The marginal revenue of the goods it sells and its average total cost. D) The marginal revenue of the goods it sells and its average variable cost.
A firm that has as its objective the maximization of revenues rather than profits would produce an output level for which: Select one: a. marginal revenue is equal to zero b. total revenue is equal to total cost c. marginal revenue is equal to average cost d. marginal revenue is equal to price In the short run, a firm should continue to operate, even if it is incurring losses, provided: Select one: a. the firm can cover its variable costs b. the firm can cover its fixed costs c. none of the above d. the firm can cover the sum of its variable and fixed costs
I need answers of B, C, D. Thanks
1. Teddy J is a manufacturer of dish washing liquid . If his monthly demand function for 750ml size is: q = 4000 − 250p and his total cost function is: C(q) = 500 + 0.2q (i) Derive an expression, R(q) for Teddy J′s total revenue curve.(ii) Derive an expression, Π(q) for Teddy J's profit function.(iii) Determine whether Teddy J′s profit is increasing or decreasing when he produces 5 hundred, 750ml bottles of dish washing liquid.
1
Don't answer by pen paper
QUES if you have the following graph MC MR $30 ATC AVC 20 15 75 80 100 Output
Consider a kettle firm A in a perfectly competitive market. Table 1 shows the quantity produced per hour (Q) and the total cost (TC) in the short run. Quantity 0 12345C70 2 6 8 Total cost 17 30 40 55 75 100 130 165 210 Fixed cost 17 17 17 17 17 17 17 17