a. What price should the company charge if it wants to maximize its profit in the short run b. What price should it charge if it wants to maximize its revenue in the short run c. Suppose the company lacks confidence in the accuracy of cost estimates expressed in a cubic equation and simply wants to use a linear approximation. Suggest a linear representation of this cubic equation. What difference would it make on the recommended profit-maximizing and revenue-maximizing prices

Q: Suppose a company has fixed costs of $53,200 and variable cost per unit of 1/3x + 444 dollars,…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: So that a firm break even  fixed cost $30,000 price=$8.90 variable cost per unit (avc)=7.40

A: Break-even point is where the total cost is equal to total revenue. It is the point where the firm…

Q: ATC is decreasing, is ATC is above (greater), equal, or less (below) than MC? ________ choose one…

A:

Q: What is the price?  to make it breakeven

A: Average cost is total cost divided by total production while marginal cost is the change in total…

Q: The cost for producing cleaning robots is given by the following function: C(x) =x2-12x2+59x +280…

A: Answer - "Thank you for submitting the question.But, we are authorized to solve only 3 sub parts of…

Q: An economist estimates the cost function for Redwood Hill Farm, LLC as shown below. Redwood Hill…

A: For a specific production of a commodity, cost refers to the expense made by a producer on factor…

Q: If short run total costs are 2q2 + 50q + 50, and output is 15, average variable costs will be 80.…

A: Given; Total cost; TC=2q2+50q+50 Formula to calculate average variable cost:-…

Q: A manufacturer of a product sells all that is produced. The total revenue is given by TR=7q, and…

A: Total revenue function of the manufacturer: TR=7q         .......(1) Total cost function: TC=6q+1…

Q: The “Sad Student” Company finds that it costs a total of C(q) = 9720 + 500q -1.5q2 + 0.005q3…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Assume that the operation has the cost function CIa) = 200 - 30 - 80 40 and the marginal cost…

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

Q: The average cost (AC) function is . 24/q-15+3q a) Find an expression for total cost (TC) function.…

A: Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: 2) The owner of a restaurant that you are thinking of purchasing, tells you for x customers per week…

A: Cost : C(x)=15000+2x Revenue : R(x)=500x-3x2   a) Profit P(x) = Revenue R(x)-Cost C(x)…

Q: The MBF plant costs a total of $ 45,000 if it produces 500 products, and a total cost of $ 100,000…

A: Total Cost = 45,000 Quantity = 500   If produces 1000 units then TC = 100,000

Q: firm X has a total cost of 100 and a total variable cost of 80, what is its total fixed cost?     a)…

A: Fixed cost is independent of output produced.

Q: C(Q₁, Q₂) = 75 -0.25010₂ +0.10+ 0.20² a. Are there economies of scope in producing 10 units of…

A: The term "economics of scope" describes the reduction in production costs that occurs when two or…

Q: (a) The revenue from selling q items is R(q) = 50q - q 2 and the total cost is C(q) = 15 + 10q i.…

A: Given: R(q) = 50q - q2C(q) = 15 + 10q   (i) Fixed cost is that component of total cost function that…

Q: H(E) = aE – bE?, with a, b representing positive constants and E is fishing effort. Total cost is…

A: For a set of preset factor prices, the cost function finds the lowest cost of producing a specific…

Q: d) If James decides to make a total of 51rolls and pies per day and charges different prices as…

A: In order to optimize the production bundle when the firm charges different prices, we shall…

Q: Question 3 A firm's cost function is given by c(Q) = 450 + 2Q2. Thus, MC(Q) = , AC(Q) = Average…

A: Average cost is the ratio of total cost over total quantity while marginal cost is the first…

Q: Find fixed cost if output is 20 units and AFC is $21

A: Given information, Total output= 20 units Average fixed cost (AFC)= $21 To find: fixed cost

Q: Suppose f(x1, x2)= x1 1/3x21/2,w₁=w2=1,for pr ofit maximization, what is the long-run cost function?…

A: Given  Production function: fx1,x2=x11/3x21/2           ........(1) Input prices are w1= w2 = 1 We…

Q: 1.  It costs $25,000 to build 30 refrigerators. It costs $30,000 to build 40 refrigerators.…

A: Cost: It is the value of goods and services in terms of money.

Q: The hourly operating cost of a plane which seats up to 405 passengers is estimated to be $5,328. If…

A:

Q: 4. Optimize the following function and comment about the findings. y =- 5x; +10x, + x,x, • 2x{ +4x;…

A: here we optimize the following function as given below;

Q: 1. If the average cost of a plant to produce a "q" unit is explained by the functions below this: C…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a…

Q: What will be the accounting profit of the firm if the total revenue is $1020 and the explicit cost…

A: The information being given is :- Total revenue of the firm = $1020 Explicit cost = $350  We have to…

Q: A company produces very unusual CD's for which the variable cost is $ 15 per CD and the fixed costs…

A: Break-Even Point: The cost of production of any product involves the variable cost, which is…

Q: Solve correctly all the subparts Q)A firm has the following total revenue and total cost schedules:…

A: Profit is the difference between total revenue and total cost.

Q: A firm can produce 100 units per week. I Junits Find the maximum profit.

A: Answer to the question is as follows :

Q: Problem One: The fixed cost for a company is 1200 OMR and the variable cost is 2 OMR per 100 unit.…

A: Given  Fixed cost = 1200.  Variable cost = 2 per unit.  Demand function: p = 100/√x.  The company…

Q: 8. It costs a car company $8000 to produce each car and fixed costs are $20, 000 per week. The…

A: Variable cost depends on quantity and fixed cost is independent of quantity. VC= 8000x FC= 20000

Q: TC = 4,500 + 5Q2 MC = 10Q What is the average total cost equation? a. b. C. d. ATC= 4500Q + 5 ATC=…

A:

Q: Given Cost and Revenue functions C(q)=q3−10q2+52q+5000 and R(q)=−3q2+2400q​, what cost is incurred…

A: Marginal profit means for a unit change in quantity how much profit will change .  It is the profit…

Q: Assume that the operation has the cost function Cia) = 200 - 30 - 80 40 and the marginal cost…

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

Q: A typical firm in industry X has the following total cost function: TC = 400 + 20*q + 0.25*q2, where…

A: We have the total cost function as:  TC = 400 + 20q + 0.25 q2where q : unit of output