Question 1 A concert promoter has found that if she sells tickets for $50 each, she can sell 1200 tickets, but for each $5 she raises the price, 50 less people attend. What price should she sell the tickets at to maximize her revenue?
Question 1
A concert promoter has found that if she sells tickets for $50 each, she can sell 1200 tickets, but for each $5 she raises the price, 50 less people attend. What price should she sell the tickets at to maximize her revenue?
Question 2
Given a budget constraint of $108 when and , find K and L where the generalized Cobb-Douglas production function given is optimized.
Question 4
Suppose that in a hypothetical economic setting, the demand curve is and the supply curve is . Find the equilibrium price and quantity. Compute the consumer and producer surplus in this hypothetical economic.
Question 5
A company estimates that the marginal cost (in dollars per item) of the production is If the cost of producing one item is $562, find the cost of producing 100 items.
Question 6
A company’s marginal cost function is where x is the number of units sold. Find the total cost of the first 49 units (from
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