XIf total revenue received from the sale of x items is given by R(x) = 10 In (4x + 1), while the total cost to produce x items is C(x) = ¹(a) The marginal revenue(b) The profit function P(x)(c) The marginal profit when x = 40(d) Interpret the results of part (c).(a) How can the marginal revenue be found?A. Find R(x) - C(x).B. Find the derivative of R(x).C. Find the derivative of R(x) - C(x).R( 2 ).D. Find Rfind the following.

Marginal revenue measures the change in a firm's total revenue due to the sale of additional units…

Answered: (a) How can the marginal revenue be…

(a) How can the marginal revenue be found? OA. Find R(x) - C(x). O B. Find the derivative of R(x). OC. Find the derivative of R(x) - C(x). OD. Find R

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 4CQQ

See similar textbooks

Related questions

Q: Consider in the graph to the right the demand curve for bananas. The movement from point C to A…

A: Demand curve is a curve that shows an inverse relationship between price and quantity demanded.

Q: Marginal utility is the OA. overall satisfaction obtained from consuming a good OB. additional…

A: Introduction Marginal utility refers to the additional utility derived from the consumption of an…

Q: Write a description of mechanic commodities include copper, car, ect market in supply and demand…

A: Demand is the total quantity of commodities that the consumers are willing to purchase at different…

Q: To find the firm’s profits from the sales figures, assume that the price is $30, that the marginal…

A: Apple / Google Advertise Don't Advertise 700, 700 900, 600 Don't 600, 900 800, 800

Q: Marginal rate of transformation is negative because of O A) Law of diminishing marginal utility O B)…

A: Marginal rate of transformation(MRT) is the units of a good sacrificed in order to achieve one unit…

Q: Consider a fast-food restaurant. The following table shows the maximum price that Alex and Anna will…

A: a. Alex and Anna's demands are negatively correlated. This is because their maximum prices for…

Q: 85 45 30 25 10 D. 10 18 20 32 Q cefer to the graph, at quantity 32 Marginal Cost (MC) is

A: here we find the cost curve and answer the following as follow-

Q: describe the marginal condition for efficiency.

A: Efficiency: It relates to the optimal production and distribution of scarce resources.

Q: is the measure of the way suppliers respond to a change in price. * The marginal product of labor…

A: The supply curve is upward sloping curve representing the positive relationship between the price…

Q: What is the diference between accounting proft and economic profit? OA Economic profit subtracts…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: The amount of money that a firm receives from the sale of its output is called O a. net revenue O b.…

A: The primary function of firms is to produce goods and services in an economy for consumers. These…

Q: Gains from Trade - End of Chapter Problem Between 2016 and 2017, Nintendo produced 2.3 million NES…

A: A scalper is a person or organisation who buys products or tickets at full price with the intention…

Q: Dollars Quantity O a. area ADFC O b. area BEQO MC c. area ADQO O d. area ADEB Clear my choice ATC…

A: Total cost is the cost of producing all the units of output. Total cost is the sum of fixed cost and…

Q: 8. A firm's total cost function is given by TC = 3Q; + 2Q,Q + 7Q: Where Q, and Q. denotethe number…

A: TC = 3Q12 + 2Q1Q2 + 7Q22Q1+Q2 = 40

Q: Figure 4-10 Face uantity Refer to the Figure 4-10. What would cause the movement from point B to…

A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve. The…

Q: hat is the derence betwoen accounting proft and economic profe? DA Economic profit suttracts both…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Market failure is a situation in which 000 о negative economic profits persist in the long run.…

A: Market failure is a critical concept in economics that describes a situation where the allocation of…

Q: Which is the correct statement Select one: O a. Demand is flow O b. Demand is Stock c. Demand is…

A: In the competitive market, the forces of demand and supply of a good determine the equilibrium price…

Q: A retail chain will buy 700 cordless phones if the price is $40 each and 500 if the price is $50. A…

A: Equilibrium is a fluctuating situation where market adjustment occurs. Pricing is determined by the…

Q: Principles of Microeconomics Name: Homework #3 Prof. R. Harris DUE: Wednesday, April 17, 2019 at the…

A: Let us first understand what the following costs mean:Total Cost (TC): Total costs are the total…

Q: What is the marginal benefit associated with producing six units of the control variable, Q 0dentify…

A: Marginal Benefit can be defined as additional benefit earned from an additional unit of output.…

Q: A bookstore is selling books for $9.99 each or three for $25. If Evi buys 2 books, what is the…

A: The marginal cost is the additional cost of when one more unit of output is produced. The cost…

Q: A monopolistʹs supply of a good is a.given by the portion of the monopolistʹs marginal cost curve…

A: A monopoly is a market structure in which only one firm operates the market with no close…

Q: 5. Discuss why the marginal cost curve (MC) has the following shape: 27 22.40 Costs 16 14 3 3…

A: Marginal cost (MC) is a fundamental economic concept that represents the additional cost incurred by…

Q: Table 13-7 The Flying Elvis Copter Rides Quantity Total Cost Fixed Cost Variable Cost Marginal…

A: To get the value of M and in fact all the values, TC=FC+VCMC=TCn-TC(n-1)AFC=FCQAVC=VCQATC=TCQ

Q: 2. Using cheddar cheese, explain in two sentences or fewer the following: a. Income Effect b.…

A: a) Income effect Consider cheddar cheese as a normal good. A rise in the income of consumers leads…

Q: If the price-taker firm in Figure 9-16 9-16.png is currently producing 6 units, then to maximize…

A: Firm's main goal is to maximize the profit or minimize the cost. To maximize the profit firm…

Q: A monopolistʹs supply of a good is a. independent of the monopolistʹs demand curve. b. given by the…

A: Monopoly is a form of market structure in which a single firm sells a commodity for which there are…

Q: 1S. Suppose domestic beef producers face demand of Q,-1500-SP. In the very short run 500 head of…

A: 15. QD=1500-5Pwhen Q=500500=1500-5P5P=1500-5005P=1000P=10005P=200

Q: Vintage Camera T Temple MIS G is You have the following data for product X: s

A: There are two types of production processes, short-run, and long-run production processes.…

Q: 13| Marzinal costis the change is cot thar sesuliy IroI & OnG UNILICICAGANI 2. Price b. Cost 00m 化:…

A: Marginal cost refers to the amount of additional cost incurred in the process of increasing one more…

Q: Suppose an avocado farm has cost C= 0.004q + 28q + 1250, (where q is measured in bushels) and the…

A: A competitive market consist of large number of small firms and industry that determines price…

Q: Analyze relationship btween law of demand and law of diminishing marginal cost?

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Suppose that the market for sports watches is a competitive market. The following graph shows the…

A: In a competitive market, there are large number of firms selling identical products. Firm's ATC is…

Q: QUESTION 20 Demand 130 200 Quantity Refer to the diagram. What is the highest price that buyers will…

A: The Law of demand refers to the inverse or negative relationship between the quantity demanded of a…

Concept explainers

Profit Maximization

Economic activity is related to the use of scarce resources of the economy that are used for producing goods and services which are required to satisfy various demands of the people. In other words, it can be said that it is all about satisfying the unlimited demands of individuals with the limited resources available. The production decision is taken by the producers or the firms. In economics, the terms ‘producers’, ‘suppliers’, and ‘firms’ are interchangeable. Now the question arises, what does a firm actually mean?

Question

X
If total revenue received from the sale of x items is given by R(x) = 10 In (4x + 1), while the total cost to produce x items is C(x) = ¹
(a) The marginal revenue
(b) The profit function P(x)
(c) The marginal profit when x = 40
(d) Interpret the results of part (c).
(a) How can the marginal revenue be found?
A. Find R(x) - C(x).
B. Find the derivative of R(x).
C. Find the derivative of R(x) - C(x).
R( 2 ).
D. Find R
find the following.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define marginal revenue:

VIEW

Step 2: Explain the answer:

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Please see
8. (a) At a health food manufacturing plant, it costs $20000 to produce 1500 cases of tofu, and $26000 to produce 2000 cases of tofu. Find this manufacturer's linear cost function based on this information. (Let r be the number of cases of tofu.) (b) Each case of tofu is then sold for $18. Find this manufacturer's revenue function. (c) Find this manufacturer's profit function and simplify it. (d) What is the break-even point for this business?
1. The cost of producing 5 gallon water bottles is given by C(q) = 0.005q2 + 2q + 1000. If 2000 5 gallon water bottles are produced find the: (a) total cost (b) average cost (c) marginal cost (d) marginal average cost
The total cost (in dollars) of producing x food processors is C(x) = 1600 + 40x-0.1x². (A) Find the exact cost of producing the 61st food processor. (B) Use the marginal cost to approximate the cost of producing the 61st food processor. CHEO (A) The exact cost of producing the 61st food processor is $ (B) Using the marginal cost, the approximate cost of producing the 61st food processor is $
Pls help with this homework
2AAWO AC I4 17.1 REVENUE, COST, AND PROFIT APPLICATIONSITSO RSYHAHD 797 20 A firm sells each unit of a product for $50. The total cost of producing x (thousand) units is described by the function C(x) = 10 – 2.5x² + x³ where C(x) is measured in thousands of dollars. (a) Use the marginal approach to determine the profit-maximizing level of output. (6) What is total revenue at this level of output? Total cost? Total profit? 1 The profit function for a firm is -000
Only typed answer and please don't use chatgpt otherwise I downvote the answer
0.8₁ A firm's production function is given by Q = 40K0.8L0.2 Each unit of capital costs $40 and each unit of labour costs $80. (a) Find the maximum level of output if the total input costs are $400,000. (b) Estimate the increase in production if an addtional $5,000 is made available. (c) Show that the ratio of marginal product to price is the same for both inputs. (a) Maximum output Q = (Round to the nearest integer as needed.)
Hello, Please answer the question completely and correctly except A) Thanks Mahboob
4. Maggie Bakery has total costs of 3s +75s + 75 and she sells 10 cookies, her average variable cost will be a) 1125 b) 1050 c) 112.50 d) 105 5. Judy Bakery has two cost functions: TC1(y)= 300 +2y and TC2(y)=50+ 5y. If Judy produces 50 loafs of bread per day, which method should she use? a) First b) Second c) 25 loafs with TC1 and 25 loafs with TC2. d) 10 loafs with TC2 and 40 with TC1.
1. The cost in dollars to produce x yards of a certain fabric is: C (x) = 84 + 0.16x - 0.0006x2 + 0.000003x3 a)Find the marginal cost function b)Find C '(x) and explain its meaning. What do you forecast? c)Compare C '(100) with the cost of making the 101-th yard.
Problem 4. The marginal cost C' for a product as a function of the number of units produced q is shown in the graph below. The fixed costs are $5,000. marginal cost C' ($/unit) 240 200 160 120 80 40 10 20 30 40 50 60 quantity q (units) (a) Suppose you have already paid the fixed costs. Order the following quantities from least to greatest. Explain. (i) The average cost per unit to produce 60 units (in dollars). (ii) 200 (iii) The cost to produce the first unit. (iv) The average cost per unit to produce 20 units (in dollars). (b) Estimate the average cost per unit to produce a total of 40 units, including the fixed costs.