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
Related questions
Question
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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education