Given the demand and cost functions as Q=140-P and C=Q2+20Q+300What will be the profit maximizing output and price for perfectly competitive market?What will be the profit maximizing output and price for monopoly market?What is the profit/loss for perfectly competitive market and monopoly respectively?What is the average variable cost for perfectly competitive market?Explain the concept of diminishing marginal utility?One assumption of Indifference curves is convex to the origin. What it reflects?Explain the stages of production?Ifthere is technological progress what will happen on isoquant curve?Assuming the consumer in cardinal utility approach consume a commodity X with MUx<Px, where MUx and Px are marginal utility and price of X respectively. What decision of this consumer can increase his/her total satisfactionWhen economies of scale is occurred?“If taxes on gasoline increase, gasoline consumption will decrease” What type of economic analysis is it? Why?If the demand curve for desktop computers shifts rightward and at the same time the supply curve shifts leftward, then what will happen on equilibrium price and equilibrium quantity? Show this using graph?

Given : Q=140-P P = 140 - Q C=Q2+20Q+300

Answered: Given the demand and cost functions as…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Given the demand and cost functions as Q=140-P and C=Q²+20Q+300

What will be the profit maximizing output and price for perfectly competitive market?
What will be the profit maximizing output and price for monopoly market?
What is the profit/loss for perfectly competitive market and monopoly respectively?
What is the average variable cost for perfectly competitive market?
Explain the concept of diminishing marginal utility?
One assumption of Indifference curves is convex to the origin. What it reflects?
Explain the stages of production?
Ifthere is technological progress what will happen on isoquant curve?
Assuming the consumer in cardinal utility approach consume a commodity X with MUx<Px, where MUx and Px are marginal utility and price of X respectively. What decision of this consumer can increase his/her total satisfaction
When economies of scale is occurred?
“If taxes on gasoline increase, gasoline consumption will decrease” What type of economic analysis is it? Why?
If the demand curve for desktop computers shifts rightward and at the same time the supply curve shifts leftward, then what will happen on equilibrium price and equilibrium quantity? Show this using graph?

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