a) How many units will result in a maximum profit? x b) Find the revenue function. R(x) c) Find the cost function. C(x) d) What is the maximum profit (to the nearest dollar)? The maximum profit is
Q: After three years at the Massachusetts Institute of Technology, Renaud realizes that he doesn't want…
A: The marginal revenue refers to a extra revenue added by increasing the quantity with an additional…
Q: Consider the following finitely repeated date game. Write down a subgame perfect equilibrium. You…
A: Subgame perfect equilibrium is the refinement of the Nash equilibrium for the dynamic game. Nash…
Q: Question #1: Consider a forest with 610,000 tons of standing timber and a growth rate of 55,000 tons…
A: "Since you have posted a question with multiple subparts, we will solve first three subparts for…
Q: Consider an antique auction where bidders have independent private values. There are two bidders,…
A: A Dutch auction can be defined as a descending auction because the auction starts with the maximum…
Q: A: Suppose the initial demand at the price of $10 was 100. When the price rises to $12, the demand…
A: Price elasticity of demand is calculated as the ratio of the percentage change in quantity demanded…
Q: Which of the following is a characteristic of monopoly? Average costs are always at a minimum High…
A: A monopoly is a sole company that generates and sells a product or service that has no close…
Q: 5. Use the following graph to answer the following questions. Briefly explain the reason why you…
A: Cost is minimised at the point where the isocost curve and isoquant curves are tangent to each…
Q: There has been a rapid increase in the proportion of the world's population that is age 65 or older.…
A: Please check the solution below
Q: What are the importances of retirement planning?
A: There are several merits to retirement plans, and they can aid you for secure and safe life without…
Q: The product cycle model was introduced by: O A. Wassily Leontief. B. Alfred Marshall. C. Eli…
A: The product cycle means the period of time of introducing a product to the market until it is…
Q: Latest news shows that the local officer in Beijing are discussing increase minimum wage for cleaner…
A: Price control refers to the scenario when the government imposes a policy leading to set the minimum…
Q: How much money would have to be placed in a sinking fund each year to replace machine B at the end…
A: Salvage value is alluded to as the approximate value of an asset toward the end of its useful life…
Q: You invest $5,000 in a project that makes 6% each year. How much do you have after 7 years?
A: Future value FV = PV * (1 + r)n Where FV is the future value PV is the present value r is the rate…
Q: If the consumption function is C = 80 + 0.6Y, then the marginal propensity to consume equals:…
A: Aggregate demand is the sum of consumption, investment, government spending and net export.…
Q: Right now (Fall 2022), the US dollar is significantly stronger that it has been during the last few…
A: The IMF keeps an eye on changes in the world economy and monetary system in order to spot dangers…
Q: Explain how the Lorenz curve is used as a measure of Income Distribution. Is this a good tool? Why…
A: The Lorenz curve was created by American market analyst Max Lorenz in 1905. It is a graphical…
Q: Corporate directors owe fiduciary duties/obligations to the corporation and its shareholders".…
A: Certain obligations and tasks are associated with the post of director for a Private Limited…
Q: The economy shown here begins at a 0% output gap. Now suppose that banks begin to fear the risk of…
A: If banks begin to fear the risk of default and the risk premium rises by 2%, this could lead to a…
Q: Assignment-log linear model with dummy variable regressor A least squares regression model…
A:
Q: The graph represents a short-run average total cost curve and the long run average total cost curve…
A: Long run average cost curve is also called the planning curve. This is because in the long run, the…
Q: A debt of $10,000 with interest at 8% compounded quarterly is to be repaid by equal payments at the…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: The knowledge that you possess about your driving habits that your insurance company does not…
A: The perfect competition market leads to the efficient distribution of goods and services and one of…
Q: A monopoly producing a chip at a marginal cost of $4 per unit faces a demand elasticity of -3. Which…
A: Monopoly refers to the market condition in which only a single seller dominated the whole market.…
Q: Consider the regression model In Y₁ = a + BC₁ + €; where Yį is annual income and C₂ is a dummy for…
A: Regression is a tool used to analyze the relationship between two or more variables. It identifies…
Q: What is the optimal amount of pollution abatement? Explain your answer and show through a graph.
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: 6 2. Refer to the given figure. Nominal Interest Rate (1) 9% 7% 5% 3% 1% 1 1 1 Money Supply MS 100…
A: A "money market" is a marketplace for trading short-term financial instruments with maturities of up…
Q: (a)_Suppose we have preferences U(X, Y) = X² Y².. What is the utility at the bundle X = 5 and Y =…
A: Answer to sub parts d, e and f are as follows: Consumer equilibrium refers to the point where the…
Q: Suppose that the market for microwave ovens is a perfectly competitive market. The following graph…
A: Perfect competition is a market structure that allows multiple businesses to provide the same good…
Q: 2. A machine, initially costing Php 1.39 M, is set to depreciate Php 170,000 every year using…
A: Initial Costing = 1390000 Depreciation = 170,000 n = 5 Years
Q: Viktor is a lawyer who loves filing legal briefs and motions. His goal is to get as many legal…
A: According to the economics term, Opportunity cost refers to the value of what you have to give up in…
Q: At an international meeting of consumer advocates for price control, a comparison of CPI growth was…
A: The overall change in the consumer priceswhich is based on represenative basket of services and…
Q: explain with cases why technology progress is the main determinant for the long-term economic…
A: When adjusted for inflation, economic growth is the increase or improvement in the market value of…
Q: (2) The pandemic has given us plenty of examples of the costs and benefits of externalities and…
A: Introduction The global pandemic is an economic as well as a social tragedy. the primary response to…
Q: Compare and contrast the difference between dynamic (intertemporal) efficiency and static efficiency…
A: Since you have asked a question with multiple sub-parts we will solve the first 3 sub-parts. To get…
Q: (d) What do we mean by an exit price? What is the exit price if r = $100 and w = $2000? Explain. (e)…
A: Cost minimization problem of producer: For the given output level the firm and per unit cost of…
Q: Consider the following IS-LM-BP model: IS Model: C = 250 +0.5(YT); T = 110 + 0.11Y; I = 150+ 0.35Y -…
A: Equilibrium conditions for following markets - IS : Y = C + I + G + NX LM : Ms = Md (Money…
Q: What would be the Revenue receipts if the Revenue Deficit is $822 and Revenue expenditure is $381
A: Revenue Deficit is known to be as the excess of the overall government revenue expenditure over its…
Q: Suppose you own a small business. Last month, your total revenue was $7,500. In addition, you paid…
A: Explicit costs are tangible expenses that show up in an firm's general ledger and are utilized to…
Q: (a) Suppose we have the following production function: Q=1 Suppose K is fixed in the short- run at…
A: Given:Q = K1/4L3/4Short-run: K=16C = rK + wLC = 200K + 300L
Q: At which round of international trade negotiations were there numerous disagreements between The US…
A: The significant rounds held at Geneva includes Kennedy Round (i.e. 1964 - 67), Tokyo Round (i.e.…
Q: 10. Today's spot bid-ask rates for the Japanese yen/U.S. dollar ($) exchange rate are 109.3 and…
A:
Q: Tax Bracket : 0-$20,000 = 10% $20,001-$60,000 = 15% $60,001-$100,000 = 35%…
A: Tax is the revenue earned by the government for the development of economy. Tax is calculated by…
Q: What would be the amount of a per-unit tax needed to fix the externality
A: Externalities present severe problems for economic policy when individuals, households, and…
Q: Please give only typed answer. Assume the following expendiexpenditure function. (a) Interpret…
A: Expenditure function gives the minimum amount of money required by the consumer to achieve a given…
Q: The federal trade commission was formed in order to ____? a. create a legal mechanism by…
A: On September 26, 1914 the Federal Trade Commission (FTC) was founded when President Woodrow Wilson…
Q: In a competitive industry O a. individual firms face downward sloping demand curves O b. firms can…
A: "A competitive industry is a market structure which consists of large number of buyers and…
Q: Regarding the idea of laissez faire was there any difference between Adam Smith and the…
A: Laissez faire is a concept such that there will be no Government intervention in the economic…
Q: Given the position of the MSC curve, once can conclude that the PRICE OF GOOD X P₂ P₁ - H Q₁ Q₂ Q₂…
A: Externalities happen in an economy when the production or consumption of a particular decent or…
Q: In most developing countries, an effective fiscal policy is: easier to conduct than in developed…
A: Economics: Economics is a scientific branch of study concentrated on analyzing how economies make…
Q: Anytown has two gas stations. Last week one gas station increased it prices. The others station then…
A: The price can be defined as the value of the goods. It is essential for the goods to be priced…
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
- Suppose that the cost function for a commodity is C(x) = 40 + x2 dollars. (a) Find the marginal cost at x = 4 units. MC(4) = Tell what this predicts about the cost of producing 1 additional unit. The cost to produce the 5th unit is predicted to be $ (b) Calculate C(5) – C(4) to find the actual cost of producing 1 additional unit. Need Help? Read It Watch ItIf you were a taxi driver, the daily revenue and cost are as the following: Revenue: $250 Variable cost (gas, your labor…): $190 Mortgage payment for car: $70 License Fee: $30 For profit maximization, will you operate your taxi business today? What is the minimum daily revenue to keep the operation in the short run? What is the minimum daily revenue to keep the operation in the long run? Please show calculation formula and/or equation.It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake. A cupcake issold for $4.90 each.(i) Make a table showing the total cost and the revenue obtained from producing 20,40,60,80 and 100 cupcakes.(ii) Write algebraic expressions representing the cost C and the revenue R as functions of the number of cupcakes X produced and number of cupcakes X sold respectively.(iii) Graph both functions on the same coordinate axes and from your graph determine the cordinate at which cost equals revenue.
- Given Cost and Price (demand) functions C(q) = 110q + 45000 and p(q) = - 2.8q + 800, what profit can be earned if the price is set to be $550 per item? U The profit is $ 1,?9 (Round to the nearest cent.) A company produces a special new type of TV. The company has fixed costs of $499,000, and it costs STT00 to produce each TV. The company projects that if it charges a price of $2300 for the TV, it will be able to sell 850 TVs. If the company wants to sell 900 TVs, however, it must lower the price to $2000. Assumo a linear demand. What is the marginal profit if 200 TVs are produced It is $ 0 per item. (Round answer to nearest dollar.)A factory makes bicycle tires. The cost, C, in dollars and revenuue in dollars, R, are both functions of the number of tires, n.a) Describe what is meant by C'(4) = 8b) Generate a mathematical equation, using function notation, to model the following statements: for (b) + (c) "The marginal revune for 15 tires sold decreases by $1."c) "The revenue at 3 tires equals the change in cost at 5 tires"As a producer and seller of some commodity, you have learned that, if you produce and sell x itmes in a particular month, the following functions can be used to find the cost and revenue: Revenue: R(x)=150x-x^2 and Cost: C(x)=3000+20x. (a) Write a simplified formula for your profit in a particular month, P(x)=R(x)- C(x) (b) Find the "break-even" point(s) (c) How many items should you produce and sell in a month in order to achieve a maximum profit? (d) What is the maximum possible monthly profit? This is the problem and I cannot solve the c and d, could you please help me?
- Marginal Revenue for an Apartment Complex Lynbrook West, an apartment complex, has 100 two-bedroom units. The monthly profit (in dollars) realized from renting x apartments is represented by the following function. P(x) = -6x² + 1620x - 36000 (a) What is the actual profit realized from renting the 61st unit, assuming that 60 units have already been rented? $ 40,434 X (b) Compute the marginal profit when x = 60 and compare your results with that obtained in part (a). $ 900Crawford Computing finds that its weekly profit, in dollars, from its production and sale of x laptop computers is P(x)=-.002x^3-.15x^2+400x-800 Currently, Crawford builds and sells 9 laptops weekly. (a) what is the current weekly profit? (b) how much profit would be lost if production and sales dropped to 8 laptops weekly? (c) what is the marginal profit with x=9? (d) use answers from parts (a) and (c) to estimate the profit resulting from the production and sale of 10 laptops weekly.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 $
- A company produces and sells a consumer product and is able to control the demand for the product by varying the selling price. The approximate relationship between price and demand is p= 200-0.05D where p is the price per unit in dollars and D is the demand per month. The company is seeking to maximize its profit. The fixed cost is $15000 per month and the variable cost is $50 per unit. a. What is the number of units that should be produced and sold each month to maximize profit? b. What is the domain of profitable demand during a month? Show your spreadsheet.A firm can produce only 2900 units per month. The monthly total cost is given by C(x) = 400 + 200x dollars, where x is the number produced. If the total revenue is given by R(x) = 350x − 1/100 x2 dollars, how many items, x, should the firm produce for maximum profit? a. x =______ items b. Find the maximum profit.Assume that it costs a company approximately C(x) = 400,000 + 160x + 0.002x2 dollars to manufacture x smartphones in an hour. (a) Find the marginal cost function. Use it to estimate how fast the cost is increasing when x = 10,000. $ per smartphone Compare this with the exact cost of producing the 10,001st smartphone. The cost is increasing at a rate of $ per smartphone. The exact cost of producing the 10,001st smartphone is $ Thus, there is a difference of $ (b) Find the average cost function C and the average cost to produce the first 10,000 smartphones. C(x) = C(10,000) = $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 10,000 smartphones. The marginal cost from (a) is --Select--- v than the average cost from (b). This means that the average cost is ---Select--- v at a production level of 10,000 smartphones. Need Help? Watch It