Use this information to answer the question number 3 : Only one firm which are owned by Mr.Smith produces and sells mineral water in the Rhoda Island. The firm has been operated in long run and the maximum profit is reached as if at the moment when the absolute value for demand elasticity equals 4. The revenue functions for this firms are as follows: R(Q) = 80Q - 2Q² where ? shows the quantity of mineral water in 10,000 liters. Answer number 3 : 3. Solve the demand function, marginal cost, average cost, marginal revenue, perfect competition and monopoly market price, output, and profit.
Use this information to answer the question number 3 : Only one firm which are owned by Mr.Smith produces and sells mineral water in the Rhoda Island. The firm has been operated in long run and the maximum profit is reached as if at the moment when the absolute value for demand elasticity equals 4. The revenue functions for this firms are as follows: R(Q) = 80Q - 2Q² where ? shows the quantity of mineral water in 10,000 liters. Answer number 3 : 3. Solve the demand function, marginal cost, average cost, marginal revenue, perfect competition and monopoly market price, output, and profit.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Use this information to answer the question number 3 :
Only one firm which are owned by Mr.Smith produces and sells mineral water in the
Rhoda Island. The firm has been operated in long run and the maximum profit is reached as if at the moment when the absolute value for
The revenue functions for this firms are as follows:
R(Q) = 80Q - 2Q²
where ? shows the quantity of mineral water in 10,000 liters.
Answer number 3 :
3. Solve the demand function, marginal cost, average cost, marginal revenue,
competition
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