Answered: If the demand function faced by a firm…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

If the demand function faced by a firm is:
Q = 90 – 2P
TC = 2 + 57Q – 8Q² + Q³

Determine the best level of output for the above question by the MR and MC
approach.

Question 2: Determine the best level of output for a perfectly competitive firm that sells its product at P = $4 and faces

TC = 0.04Q³– 0.9Q² + 10Q + 5.

Will the firm produce this level of
output? Why?

Question 3: Suppose that the production function is given as follows:
TPL = 10L + 5L² + L³
Find the total product, Marginal product and average product when L = 5.

Question 4: Find the optimum level of output and profit from the cost function
TC = 50 + 6Q²and price P = 100 – 4Q
Also derive marginal cost and marginal revenue.

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