"If a firm faces a demand curve of P = 2,000-Q and marginal costs of MC = 2Q, then the firm's profit maximizing quantity will be:" O $100 O $200 O $500 O $600

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question
#2
QUESTION 1
If the demand equation for a firm's product is equal to P = 10-Q, the marginal revenue MR is
O 5-20
O 10-4Q
O 10-Q
10-20
QUESTION 2
"If a firm faces a demand curve of P = 2,000-Q and marginal costs of MC = 2Q, then the firm's profit maximizing quantity will be:"
Ⓒ$100
$200
O $500
$600
QUESTION 3
If an amusement park decides to apply two-part tariff rule to set price, given the demand equation P-6-2.5Q and MC =$1, he
and quantity (Q).
P=$1; Q=3.
P=$30=1
Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Transcribed Image Text:QUESTION 1 If the demand equation for a firm's product is equal to P = 10-Q, the marginal revenue MR is O 5-20 O 10-4Q O 10-Q 10-20 QUESTION 2 "If a firm faces a demand curve of P = 2,000-Q and marginal costs of MC = 2Q, then the firm's profit maximizing quantity will be:" Ⓒ$100 $200 O $500 $600 QUESTION 3 If an amusement park decides to apply two-part tariff rule to set price, given the demand equation P-6-2.5Q and MC =$1, he and quantity (Q). P=$1; Q=3. P=$30=1 Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Virtual Market Place
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education