A firm faces the following average revenue (demand) curve:P = 100 - 0.01Q where Q is weekly production and P is price, measured in cents per unit. The firm's cost function is given by C = 50Q + 30,000. Assuming the firm maximizes profits, the firm's level of production is , price in cents is and total profit per week in dollars is (please put your answer for price, quantity and profit in numerical values without any dollar sign, comma or decimal place). If the government decides to levy a tax of 10 cents per unit on this product, the new level of production is the price received by the monopolists after tax in cents is and total profit per week in dollars is the price facing the consumer after the imposition of the tax in cents is (please put your answer for price, quantity and profit in numerical values without any dollar sign, comma or decimal place).

A firm faces the following average revenue (demand) curve:P = 100 - 0.01Q where Q is weekly production and P is price, measured in cents per unit. The firm's cost function is given by C = 50Q + 30,000. Assuming the firm maximizes profits, the firm's level of production is , price in cents is and total profit per week in dollars is (please put your answer for price, quantity and profit in numerical values without any dollar sign, comma or decimal place). If the government decides to levy a tax of 10 cents per unit on this product, the new level of production is the price received by the monopolists after tax in cents is and total profit per week in dollars is the price facing the consumer after the imposition of the tax in cents is (please put your answer for price, quantity and profit in numerical values without any dollar sign, comma or decimal place).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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