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- O 1) R. 2) S. 3) U. 4) T. RSTU Quantity (per period)A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $200. What is its profit? What is its marginal cost? What is its average variable cost?The monthly demand for dresses is given byP = 0.04Q + 25where P denotes the price and Q denotes the quantity demanded. The monthly cost function for dresses isC= −0.96Q²+ 4Q + 100 i. Find the revenue functionii. Find the profit functioniii. Find the marginal costiv. Find the marginal revenuev. Find the quantity the firm would produce if it were operating in a perfectly competitivemarket.
- Donald is a producer in the perfectly competitive market for cronuts - a pastry that is half croissant, half donut. Total Fixed Cost Total Variable Cost Quantity (cronuts) TFC ($) TVC ($) 125 5 125 10 10 125 18 15 125 32 20 125 52 25 125 82 If Donald's profit-maximising quantity is 20 cronuts, what is the market price per cronut at that quantity? Answer to the nearest whole number (with no decimal places or $ sign).The Johnson Robot Company’s marketing managers estimate that the demand curve for the company’s robots in 2008 is P = 3,000 - 40Q where P is the price of a robot and Q is the number sold per month. Derive the marginal revenue curve for the firm and determine the marginal revenue for the 10th unit of output. a. $2200 b. $2600 c. $40 d. $80Suppose that the unit price of a commodity of firm X is defined by: P- 90 - Q and the total cost of producing this commodity is defined by the cost function: TC- 100+0.5Q, compute i. Total Revenue (TR) ii. Marginal Revenue(MR) and interpret the result ii. Marginal cost (MC) and interprets the result iv. Find the level of output and price which maximize profit. v.Find the maximum profit vi. Check the second order condition
- A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold? Microeconomics - Mankiw14. A shop which sells T- shirts has a demand function and a total cost function given by the equations: P = 240 – 10Q and TC = 120 + 8 Q. a) Write down the equations for TR and Profit. b) Write down equation for MR and MC. c) Calculate the number of T- shirts which must be sold to maximize profit and Revenue.Why is the level of output at which marginal revenue equals marginal cost the profit-maximizing output?
- Given the information in the table at right, calculate the dry cleaner's marginal revenue (MR) and marginal cost (MC) at each output level. (Your answer should be rounded to the nearest cent.) Total Output (Suits Cleaned) Suit ($) ($) Price Total per Costs Revenue (S) MC ($) MR ($) 8.00 3.00 0.00 1 7.50 6.00 7.50 7.00 8.50 14.00 6.50 10.50 19.50 4. 6.00 11.50 24.00 5.50 13.50 27.50 6 5.00 16.00 30.00 4.50 19.00 31.50 4.00 24.00 32.00 OOD OO O O O D O OWhat is the slope of average revenue curve in a market In which firm can sell more only by lowering the price?Mango Systems believes that demand for its pet e-mouse follows a linear demand equation: Quantity = 43,911 - 708* Price Mango's variable cost to produce one pet e-mouse is $23.50. Find the maximum total contribution margin (margin per unit times quantity sold) that Mango Systems can possibly achieve on its pet e-mouse. (Rounding: penny.) Your Answer: