The monthly demand for dresses is given by P = 0.04Q + 25 where P denotes the price and Q denotes the quantity demanded. The monthly cost function for dresses is C= −0.96Q²+ 4Q + 100 i. Find the revenue function ii. Find the profit function iii. Find the marginal cost iv. Find the marginal revenue v. Find the quantity the
The monthly demand for dresses is given by P = 0.04Q + 25 where P denotes the price and Q denotes the quantity demanded. The monthly cost function for dresses is C= −0.96Q²+ 4Q + 100 i. Find the revenue function ii. Find the profit function iii. Find the marginal cost iv. Find the marginal revenue v. Find the quantity the
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter10: Price-searcher Markets With Low Entry Barriers
Section: Chapter Questions
Problem 16CQ
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The monthly demand for dresses is given by
P = 0.04Q + 25
where P denotes the price and Q denotes the quantity demanded. The monthly cost function for dresses is
C= −0.96Q²+ 4Q + 100
i. Find the revenue function
ii. Find the profit function
iii. Find the marginal cost
iv. Find the marginal revenue
v. Find the quantity the firm would produce if it were operating in a
market.
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