Please provide answer a,b,c,d,e 3. Philips Industries manufactures a certain product can be sold directly to retail outlets or to theSuperior Company for further processing and eventual sale as a completely different product.The demand function for each of these markets is:- 2Q1Q2Retail Outlets:P =P2 = 4060Superior Company:where P and P2are the prices charged and Q1 and Q2 are the quantities sold in therespective markets. Philips's total cost function for the manufacture of this product is:TC = 10 + 8(Q1 + Q2)(a) Determine Philips's total profit function.(b)What are the profit-maximizing price and output levels for the product in the two markets?(c)At these level of output, calculate the marginal revenue in each market.What are Phillips's total profits if the firm is effectively able to charge different prices inthe two markets?(d)(e)Calculate the profit-maximizing level of price and output if Phillips is required to chargethe same price per unit in each market. What are Phillips's profits under this condition?

Profit maximizing level of output is found by a monopolist by equating its marginal revenue with its…

3. Philips Industries manufactures a certain product can be sold directly to retail outlets or to the Superior Company for further processing and eventual sale as a completely different product. The demand function for each of these markets is: P = 60 P2 = 40 Retail Outlets: 201 %3D Superior Company: Q2 where P and P2are the prices charged and Q1 and Q2 are the quantities sold in the respective markets. Philips's total cost function for the manufacture of this product is: TC = 10 + 8(Q1 + Q2) (а) Determine Philips's total profit function. (b) What are the profit-maximizing price and output levels for the product in the two markets? (c) At these level of output, calculate the marginal revenue in each market.

3. Philips Industries manufactures a certain product can be sold directly to retail outlets or to the Superior Company for further processing and eventual sale as a completely different product. The demand function for each of these markets is: P = 60 P2 = 40 Retail Outlets: 201 %3D Superior Company: Q2 where P and P2are the prices charged and Q1 and Q2 are the quantities sold in the respective markets. Philips's total cost function for the manufacture of this product is: TC = 10 + 8(Q1 + Q2) (а) Determine Philips's total profit function. (b) What are the profit-maximizing price and output levels for the product in the two markets? (c) At these level of output, calculate the marginal revenue in each market.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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