Question Foura) A fim, focusing on producing meat pie has a demand function 20 25-0.25P. Iffixed cost is 145 and variable cost per urit function is 2Q- 40 + , where Q is numberof meat pie produced and Pis the price per unit:i.275Determine the number of meat pies that maximizes the company's profit.ii. How much should the fimcharge per unit of the product?iii. Find the total profit at the profit mximizing level of output.iv. Using the own price edasticity of demand, comment on the fimis pricing policyoptiors.b) The production function for Amzonbuưgers, producers of delicious burgers at Sao Tome,is given as:Q = K%L%If the wage rate is $15 per unit of labour, and cost of capital is $1,920 per unit and you have1 unit of capital which carmot be changed, and the firmemploys 8 units of labour;i. Calculate the fimts total costii.Calculate the fim's average costii.Estimate the marginal product of labour

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Question Four a) A fim, focusing on producing meat pie has a demand function 20 25-0.25P. If fixed cost is 145 and variable cost per uit furction is 20- 40 + , where Q is rumber of meat pie produced and P is the price per unit: Determine the number of meat pies that maximizes the company's profit. ii. How much should the firmcharge per unit of the procuct? iii. 275 Find the total profit at the profit maximizing level of output.

Question Four a) A fim, focusing on producing meat pie has a demand function 20 25-0.25P. If fixed cost is 145 and variable cost per uit furction is 20- 40 + , where Q is rumber of meat pie produced and P is the price per unit: Determine the number of meat pies that maximizes the company's profit. ii. How much should the firmcharge per unit of the procuct? iii. 275 Find the total profit at the profit maximizing level of output.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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