Rick's ski board factory has the Total Cost function:TC(Q)= 0.02Q3 + 300Q +200where Q is the number of pairs of ski boards. Rick's ski boards can be sold at $400 per pair.Fill in the blank with pure numbers (round to the closest integer);Optimal output, Q* =Profit if Open for business in the short run, T1 =Profit if Shut down temporarily in the short run, 12 =Should Rick decides to Open for business in the short run (only input: Yes/No)?Should Rick decides to Exit the market in the long run (shut down the business permanently) (only input: Yes/No)?

The total cost function is the sum of the variable and the fixed cost. The variable cost is the cost…

Rick's ski board factory has the Total Cost function: TC(Q)=0.02Q³ +300Q +200 where Q is the number of pairs of ski boards. Rick's ski boards can be sold at $400 per pair. Fill in the blank with pure numbers (round to the closest integer): Optimal output, Q* = Profit if Open for business in the short run, m₁ = Profit if Shut down temporarily in the short run, 112 = Should Rick decides to Open for business in the short run (only input: Yes/No)?

Rick's ski board factory has the Total Cost function: TC(Q)=0.02Q³ +300Q +200 where Q is the number of pairs of ski boards. Rick's ski boards can be sold at $400 per pair. Fill in the blank with pure numbers (round to the closest integer): Optimal output, Q* = Profit if Open for business in the short run, m₁ = Profit if Shut down temporarily in the short run, 112 = Should Rick decides to Open for business in the short run (only input: Yes/No)?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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