A firm producing ice pop in a perfectly competitive market with an equilibrium price of $1.50 has the followingQuantity of iceTotal Costpops0$310$8.002020$10.5030$15.505940$30.5050$50.506060$75.507070$105.50What is this firm's marginal revenue from the 50th unit? MR(50) = $What is this firm's marginal revenue from the 60th unit? MR(60) = $

The competitive market refers to market where a large number of buyers and sellers exist in the…

Answered: What is this firm's marginal revenue…

What is this firm's marginal revenue from the 50th unit? MR(50) = $ What is this firm's marginal revenue from the 60th unit? MR(60) = $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. A firm’s production function is , where Ldenotes the size of the workforce. Find the value of MPLin the case when: (a) L=1, (b) L=10, (c) L=100, (d) L=1000 Does the law of diminishing marginal productivity apply to this particular function? 2. Show that the price elasticity of demand is constant for demand functions of the form where A and n are positive constants. 3. The demand and total cost functions of a good arerespectively and a) Find expressions for TR, (profit) , MR, and MC in terms of Q. b) Solve the equation and hence determine the value of Q which maximizes profit. c) Verify that, at the point of maximum profit, MR=MC. 4. The cost of building an office complex, x floors high, in a prime location in Accra is made up of three components: (a) GH¢10 million for the land (b) GH¢1/4 million per floor (c) Specialized costs of GH¢10000x per floor. How many floors should the office complex contain if the average cost per floor is to be minimized? 5. The supply…
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