2. P2: Economic Applications of Functions and Derivatives a. A firm's short run total cost function is TC = 0.5q² +q+500. The firm sells in a perfectly competitive market and the ruling price is p = 61. b. Find the most profitable level of output, and the profits at that output. c. Sketch the graphs of total cost and total revenue with the same axes, and do the same with marginal cost and marginal revenue. Sketch the graph of the profit function. Indicate in all diagrams the equilibrium values of the variables.

2. P2: Economic Applications of Functions and Derivatives a. A firm's short run total cost function is TC = 0.5q² +q+500. The firm sells in a perfectly competitive market and the ruling price is p = 61. b. Find the most profitable level of output, and the profits at that output. c. Sketch the graphs of total cost and total revenue with the same axes, and do the same with marginal cost and marginal revenue. Sketch the graph of the profit function. Indicate in all diagrams the equilibrium values of the variables.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

How is MC calculated? 300 for the first MC is incorrect.
max (-x2 - xy – y) subject to x-2ys-1 Find the actual solution (x, y)for the following problem. and 2x+ys2
No written by hand solution
(dollars/16) 8= Ps 5 = P₁ 4= P₂ 0.1 = P4 016 а b g U.S. beef market Q3 Q₁ 113 120 125 (dollars/16) (thousand tons) Rises, L+m+n Falls, L Falls, o None of the above is correct 10=P₂ 7=P3 5-Pi 2= P6 k l Im Q4 Q5 74 76 Japan beef market 'S Q6 86 (thousand tons Refer to the above partial equilibrium model of trade (large country case). Assume the world price is $5 when reaching free-trade equilibrium. Moving from a closed situation to free trade, producer surplus in Japan______ by
Hi, I have been trying to compute the optimal values from this lagrangian. But I can't seem to find a way to get the values from the answer key. I attached both the question and answers. Could you please explain to me how to get these values from the first-order conditions? Thank you very much
When playing basketball, Thiago makes 30% of his free throws. In a recent game Thiago attempted 30 free throws. How many free throws would you expect him to make? Please answer correct explain plz Don't answer by pen
I just went to check my answers for question 4 and 5 on the homework. These questions are based off of the other questions 1-3 that I have already answered. I have answer 4 and 5 but not sure if they are right. I have attached all questions.
PLS HELP ASAP ON BOTH
Small and medium sized contractors are most likely to keep ony____on staff
What is the optimal number of clusters based on this graph? Average silhouette width 0.3 0.2 0.1 0.0- 07 02 05 O 10 Optimal number of clusters Silhouette method 12 3 6 7 4 5 Number of clusters k 8 9 10
a company has 100 batches of products and requires to finish the inspection in one month, assuming that p-0.01, n3D120, and c=6, calculate the number of ppl required to finish this job if inspection of each item takes 12 mins. every person works 10 hr/day and 5 days/week Select one: a. 128 b. I'do no know how to solve this problem. C. 200 d. 139 e. None