2. ABC Manufacturing has provided you with their demand function Qd = 2000-2p and supply function Qs = 60+5p, please answer the following questions: a. What is the company’s marginal revenue function? b. At level of output is profits maximized? c. At what price is profits maximized? d. What is total revenue at the profit maximization level of output?
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- 3. The equation of the monthly demand for cabin bags is given by: 45-p= 0'5q and the monthly average cost function is: Cme(q) = q²-39'50q+120+¹25, where p ≤ 45 is the unit price and q are the number of units sold. 3.1 What are the price and quantity that maximize the total profit? How much is this profit? 3.2 Calculate the marginal income (revenue) of the 20th unit using marginal income (revenue) and compare it to the actual additional income. 3.3 Calculate the price elasticity of demand for the quantity that maximizes profit and interpret the result obtained.1- Please I want answer of this question. ThanksAnswer plzz...
- Explain in words why a profit-maximizing firm will not choose to produce at a quantity where marginal cost exceeds marginal revenue.E.g.1: A demand function is given by the equation P = 24 6lnQ ➤ Find the equation of TR (total revenue) and determine for which value of Q is TR maximised. Find MR (marginal revenue) as a function of Q Show that MR is a positive decreasing, concave up function.a. A firm faces the following average revenue (demand) curve:P = 120 − 0.02Qwhere Q is weekly production and P is price, measured in cents per unit. The firm’s cost function is given by C = 60Q + 25,000. Assume that the firm maximizes profits. i. What is the level of production, price, and total profit per week?ii. If the government decides to levy a tax of 14 cents per unit on this product, what will be the new level of production, price, and profit?
- A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold? Microeconomics - Mankiw2.The marginal revenue of a firm is given by the following equation: MR(Q) = 22 +21Q + 16Q2 Where, Q represents the quantity produced. Also given, the total revenue of the firm, when they produce 5 units of output, is 50, i.e., TR(5) = 50. Calculate the firm's total revenue function. What is the value of the constant term in the total revenue function? Answer in two decimal places. Be careful about the sign. Calculate the total revenue of the firm when the firm produces 7 units of output. Answer in two decimal places.Blue INK is the only cabel service provider in Gazipur. The diagram below depicts the price, output and costs incurred by Blue INK. Use the graph to answer the following questions: What is the Total revenue generated by Blue INK at the profit maximizing level of output?[ Answer in Numerical value only.i;e. 1,2,3,4,5] If the Cable Service Market turns into a Perfectly Competitive Market, what will be the total ammount of the service provided? [ Answer in Numerical value only] If the market turns into a Monopoly market again, what will be the total deadweight loss created? [ Answer in Numerical value only]