Backuestion 9not yetsweredMarked out ofTime left 0:45:08Given the profit function for firm 2; (32: M1)-(80-291-3y2)2-10y-v², firm's(y2;2's profit-maximizing output level solvesθαO a.=00Flag questionმყიO b. θαay 2-2y1-8y2 +70=-831-4y2 + 40Previous pageθα0 с.მყიმO d.მყ.-241-8y2 +40=-2y1-6y2 +70Next page?

To find the profit-maximizing output level for firm 2, we need to maximize its profit function by…

Answered: Back uestion 9 not yet swered Marked…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 11RQ: What is die difference between accounting and economic profit?

See similar textbooks

Similar questions

A toy manufacturer makes miniature trucks. The pricep(in dollar) and the demandx(numberof miniature trucks) are related by the equation 6000−600p=x. The total cost for the sametoy manufacturer to producexminiature trucks can be modeled byC(x) = 8x+ 450.(a) (10 points) Express the pricepin terms of the demandx. Find the revenueR(x) if themanufacturer sellsxminiature trucks in a month and find the domain of this function.(b) (10 points) Graph the cost and revenue functions on the same coordinate system for 0≤x≤6000.(c) (10 points) What is the minimum number of trucks the toy manufacturer must sell tobreak even?(d) (10 points) FindP′(300) and interpret the result.(e) (10 points) What is the exact profit from the sale of the 301stminiature truck?
of your account imile a) S89.25o b) S81.136 c) $85,193 d) S87 56/ = 0 and the variable cost per unit is 40. Then 13-If the selling price of a certain producet is: the demand that gives maximum profit is: D. a) 2329 units b) 2000 units c) 2339 units d) 2333 units e) 2167 units 14- From the following comparisons of mutually exclusive alternatives, decide which one should be selected, if any, assuming the company's MARR is 11% per year. The ranking of the alternatives according to increasing initial investment cost is A, B, C, and D. Comparison D В-А C-A D-A С-В D-B D-C IRR 14.1 11.7 19.4 17.5 8.1 10.4 8.3 23.1 22.9 11.7 a) Alternative B b) Alternative A c) Alternative C ) Alternative D
Solve this exactly plz I can't afford to post again and again so plz give me exact soloution in 30 min and take a thumb up plz
function for the lightweight compasses is given by p = 40- 4q²where q is the number of lightweight compasses produced in millions. It costs the company $15 to make a lightweight compass. (i) Write an equation giving profit as a function of the number of lightweight compasses produced. (ii) At the moment the company produces 2 million lightweight compasses and makes a profit of $18,000,000, but you would like to reduce production. What smaller number of lightweight compasses could the company produce to yield the same profit? Type your answer here:
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
Please no written by hand and no emage Suppose that a company that makes and sells hand-crafted artwork has a cost function C(x) = 24x + 300, where x is the number of items made, and a revenue function R(x) = 45x, where x is the number of items sold. What is the profit from the 28th item made and sold? There is a $ sign listed next to the answer box, so do not type a $ sign in your answer.
Round to the nearest whole number.
QUESTION 14 Suppose a busness owner operates her business out of a building that she owns. Also assume that there are ho malntenance or utlity costs associated with the building This means that it is costless for the business owner to use the buildng to operate the business O True O False QUESTION 15 if the 15th unit of output has a marginal cost of s29.50 and the average total cost of producing 14 units of output is 3021 what will happen to the average total cost is the 15th unit is produced? O Average Total Cost will fal. O Average Total Cost will increase O Average Totual Cost could increase or decrease deperiding on whar happets to variable cost O Average Total Cost could inorease or decrease depending.on what happens to fed cost
920 it bait of 289301 Sindspis ON SEU pilkupeni A30S AO +32 monulo2 An economist for a sporting goods company estimates the revenue and Cost functions for the production of a new snowboard. These Functions are R(x) = -x ² +10x and ((x) = 4x+5, respectively, where x is the number of Snowboard's produced in thousands. The average profit is defined by the function AP(x) = P(x), where pox) is the profit function & Determine the production levels that make AP(x) > 0 P-xd
VannasBrew produces raspberry lemonade and sells it competitively. To secure its activity, VannasBrew must rent a factory space at the cost of 15 00O SEK/month. The production of one bottle of raspberry lemonade costs the firm 32 SEK. As long as its monthly production is less than 40 000 bottles a month, VannasBrew can store its output on its own premises before it is shipped to the stores. If the production exceeds 40 000 bottles the company can rent additional storage at the cost of 2 SEK/bottle per month. (a) Describe the firm's average fixed cost, average variable cost, average cost, and its marginal cost. (b) Assume the current market price for a bottle of raspberry lemonade is 33 SEK/bottle. Explain how much the firm should produce in order to maximise its profits. Calculate the profits of the firm. (c) VannasBrew could increase its own storage capacity to 60 000. This means that if its production exceeds 60 000 the firm will rent additional storage capacity at the cost of 2…
show solution An oil refinery produces one base type of crude oil. The total cost is given by the equation Total Cost, TC = 50,000+20.2D +0.0001D2. The sales price in dollars per barrel is 35. At what level of production in barrels/week is cost/barrel minimum? What is the minimum cost per barrel? What is the maximum weekly profit that the company can make? At what level of production is the maximum weekly profit attainable? and Over what range of production is profit possible? Express answers in whole numbers and write the numerical values only.
??????? ?(a) Teddy J is a manufacturer of dish washing liquid . If his monthly demand function for 750mlsize is q = 4000 − 250p and his total cost function is C(q) = 500 + 0.2q.(i) Derive an expression, R(q) for Teddy J′s total revenue curve.(ii) Derive an expression, Π(q) for Teddy J′s profit function.(iii) Determine whether Teddy J′s profit is increasing or decreasing whenhe produces 5 hundred, 750ml bottles of dishwashing liquid.(iv) How many 750ml bottles of dishwashing liquid should Teddy J produceper month if he wishes to maximize his profits.(b) A firm has an average cost functionA(q) =125q+q216 − 4.where q is the firm′s output.(i) Determine the level of output for average costs are minimum.(ii) Hence determine the range of values for which average costs are decreasing.(iii) What part of the decreasing range is practically feasible?(iv) Write an equation for the total cost function.(v) Hence calculate the level of output for which total costs are minimum.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Economics 2e

Economics

ISBN:

9781947172364

Author:

Steven A. Greenlaw; David Shapiro

Publisher:

OpenStax

Principles of Economics 2e

Economics

ISBN:

9781947172364

Author:

Steven A. Greenlaw; David Shapiro

Publisher:

OpenStax

SEE MORE TEXTBOOKS