Jaynet spends $30,000 per year on painting supplies and storage space. She recently received two job offers from a famous marketing firm—one offer was for $110,000 per year and the other was for $80,000. However, she turned both jobs down to continue a painting career. If Jaynet sells 25 paintings per year at a price of $8,000 eachWhat are her accounting profits?What are her economic profits? Suppose the total benefit derived from a continuous decision, Q, is B(Q) = 20Q − 2Q2and the corresponding total cost is C(Q) = 4 + 2Q2, so that MB(Q) = 20 − 4Q and MC(Q) = 4Q.What is total benefit when Q = 2? Q = 10?What is marginal benefit when Q = 2? Q = 10?What level of Q maximizes total benefit?What is total cost when Q = 2? Q = 10?What is marginal cost when Q = 2? Q = 10?What level of Q minimizes total cost?"

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Answered: Jaynet spends $30,000 per year on…

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Jaynet spends $30,000 per year on painting supplies and storage space. She recently received two job offers from a famous marketing firm—one offer was for $110,000 per year and the other was for $80,000. However, she turned both jobs down to continue a painting career. If Jaynet sells 25 paintings per year at a price of $8,000 each

Suppose the total benefit derived from a continuous decision, Q, is B(Q) = 20Q − 2Q2and the corresponding total cost is C(Q) = 4 + 2Q2, so that MB(Q) = 20 − 4Q and MC(Q) = 4Q.