Aji Fatou owns a rental space in New York and is thinking of opening a restaurant in that space. The total cost of operating the restaurant is C(Q) = 20Q, where Q is the number of customers at the restaurant in a day. The market demand for restaurants is Q = 100 - p. Aji Fatou has the option of leasing out this space instead of opening a restaurant. The market rent for her property is $600. If Aji Fatou is operating as a perfectly competitive firm. What is Aji Fatou's Accounting profit (please put your answer in numerical value with no dollar sign, comma, or decimal place). Her (please put your answer in numerical value with no dollar sign, comma, or decimal place). Aji Fatou has maximized the total surplus in this market. (please put your answers as true or false, lower case only) Economic Profit is

Aji Fatou owns a rental space in New York and is thinking of opening a restaurant in that space. The total cost of operating the restaurant is C(Q) = 20Q, where Q is the number of customers at the restaurant in a day. The market demand for restaurants is Q = 100 - p. Aji Fatou has the option of leasing out this space instead of opening a restaurant. The market rent for her property is $600. If Aji Fatou is operating as a perfectly competitive firm. What is Aji Fatou's Accounting profit (please put your answer in numerical value with no dollar sign, comma, or decimal place). Her (please put your answer in numerical value with no dollar sign, comma, or decimal place). Aji Fatou has maximized the total surplus in this market. (please put your answers as true or false, lower case only) Economic Profit is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Optimization Problem #5
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