A noncompetitive firm has the following total cost function: TC = 3Q3 – 40Q² + 250Q + 900 If the demand function for the firm's product is P = 2000 – 40Q. Find the firm's profit maximizing level of output and profit.
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- A noncompetitive firm has the following total cost function: TC = 3Q³ – 40Q² + 250Q + 900 If the demand function for the firm's product is P = 2000 – 40Q. Find the firm's profit maximizing level of output and profit.A firm's demand function is Q = 16 – P and its total cost function is defined as TC = 3 + Q +0.25Q 2 . Use these two functions to form the firm's profit function and then determine the level ofoutput that yields the profit maximum. What is the level of profit at the optimum?A firm has a linear demand function for it's product.When the price of the product is sh.20,the quantity demanded is 40 units.When the price increases to sh.240 the quantity demanded becomes 30 units.In addition,the firm's marginal cost function is giving by: Mc = 40q- 2q^2+2 Fixed cost = 5 million Where q= quantity demanded,Mc = marginal cost(sh.million) Required 1.The level of output that maximises profits 2.The maximum profit 3.The price of the product at the maximum profit
- A startup software company has indicated its cost, c(x), and revenue, f(x), as given below, such that x is the number of lines of programing code (units in 1000 lines). c(x) = 80000 - 2(x-200)2 f(x) = (x-10)3 + (x+10)2 Find the marginal cost analytically, and draw its graph Find the marginal revenue analytically, and draw its graph Solve for the x point where marginal cost is equal to marginal revenue analytically. Comment why is this point significant analytically. Write the profit function and draw its graph Is the profit function concave up or concave down?SANUMARC produces fingerlings for sell. The quantity x (kg) of these fingerlings demanded each week is related to the wholesale unit price p by the equation P = − 0.006x + 180 The weekly total cost incurred by SANUMARC for producing x kgs of fingerlings is C(x) = 0.000002x3 – 0.02x2 + 120x + 60,00 a. Find the marginal cost function C, b. Find the marginal revenue function R’ and the marginal profit function P’ c. Compute P’(2000) and interpret the results.A firm has a total cost function C(Q) = 100 + 8Q – 8Q 2 + Q 3 and demand function is Qx d = 33 – 2px Required: (i) Calculate the firm's marginal cost when Q = 5
- Эшestion 1 A computer retailing company specializes in the sale of jump drives to community college tudents. The demand function for jump drives is p=2x+10x+1000 dollars For the samne company the average cost function is given as: ē = 2x +36x-1600- 20 * dollars Where p is the price in dollars and x represents units of output. 1) i1) Find the price and output that will maximize profit. Find the maximum profitA firm has a linear demand function for it's product.When the price for the product is Sh.220,the quantity demanded is 40 units.When the price increases to Sh.240 the quantity demanded becomes 30 units.In addition,the firm's marginal cost function is given by; MC = 40Q-2Q^2+2 Fixed cost = Sh. 5 million Where Q= quantity demanded, Mc= marginal cost(cost in Sh. Million) Required 1.The level of output that maximises profits 2.The maximum profit 3.The price of the product at a maximum profitA company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500 per day when producing 15 sinks. The company has a daily demand function of q = 360 − p, where q is the number if laundry sinks demanded and p is te price of a laundry sink. (b) Find a function for the average cost of this company?
- The demand function for a firm is p = 320 – 3.2x, and the cost function is C(x) = 100 + 80x – 1.6x2 Required (i) Determine the profit function. (ii) Determine the output and price for maximum profit and the maximum profit. Show that it is a maximum point.The inverse demand for tea is given by P = 8 – 0.03Q, where Pis the price per a gram of tea and Q is the total number of grams of tea brought to market. There are two tea shops in the market. Shop 1's cost function is given by C = 0.02q,?, where q, is the number of grams of tea it brings to market. Shop 2's cost function is given by C2 = 0.02q22, where q2 is the number of grams of tea it brings to %3D %3D market. Given that the two shops compete by setting output (Cournot), answer the following. a) Identify shop 1's reaction function to shop 2's output to within 2 decimal places (e.g. 0.33). 91= Number Number 92 b) Identify shop 2's reaction function to shop 1's output to within 2 decimal places (e.g. 0.71). q2= Number Number 91 c) To within two decimal places (e.g. 0.63) what is the equilibrium output level of each shop and the equilibrium per gram price for tea. Shop 1 will produce Number grams of tea and shop 2 will produce Number grams of tea. The equilibrium market price is £…Mathematical Economics If fixed cost are 20, variable cost per unit are 2 and the demand function is P+ 2Q = 24, find the profit function in terms of Q.