A firm can sell its output at the price p=10 per unit. The firm’s cost function is C=16+q2 To maximize its profit, the firm chooses to produce q=_________. The profit of this firm is $__________
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A firm can sell its output at the
The firm’s cost function is C=16+q2
To maximize its profit, the firm chooses to produce q=_________. The profit of this firm is $__________
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- A firm's demand function is Q = 16 – P and its total cost function is defined as TC = 3 + Q + 0.25Q2. Use these two functions to form the firm's profit function and then determine the level of output that yields the profit maximum. What is the level of profit at the optimum? Note: MC = 1 + 0.5QA firm's demand function is Q = 16 -P and its total cost function is defined as TC = 3 + Q+ 0.25Q² Use these two functions to form the firm's profit function and then determine the level of output that yields the profit maximum. What is the level of profit at the optimum?The inverse demand for tea is given by P= 10 – 0.04Q, where Pis the price per a gram of tea and Qis the total number of grams of tea brought to market. There are two tea shops in the market. Shop 1's cost function is given by C = 0.01q,?, where qı is the number of grams of tea it brings to market. Shop 2's cost function is given by C2 = 0.01q2², where qp is the number of grams of tea it brings to market. Given that the two shops compete by setting output (Cournot), answer the following. a) Identify shop 1's reaction function to shop 2's output to within 2 decimal places (e.g. 0.33). 91= Number - Number 92 b) Identify shop 2's reaction function to shop 1's output to within 2 decimal places (e.g. 0.71). q2= Number Number 91 c) To within two decimal places (e.g. 0.63) what is the equilibrium output level of each shop and the equilibrium per gram price for tea. Shop 1 will produce Number grams of tea and shop 2 will produce Number grams of tea. The equilibrium market price is £ Number
- A firm operates two plants. The total cost schedules for the respective plants are TC1 = 5*Q1 + .1*Q12 and TC2= 2*Q2 + .1*Q22. The firm’s demand schedule is Q = 160 – 10*P. What is the profit maximizing profit for the firmFor the following total-profit function of a firm: = 144X – 3X² – XY – 2Y² + 120Y – 35 Determine the level of output of each commodity at which the firm maximizes its total profit.Determine the value of the maximum amount of the total profit of the firm.In order to maximize profit, the firm will choose to produce where marginal revenue is equal to marginal cost
- A firm faces the market demand curve: P=90-Q/4 where P = price and Q = output The firm has the total cost function: TC =1/4Q^2 -6Q+40 (a) Write out the firm's profit function in terms of output (Hint: rewrite the demand curve with price as a function of output).A firm's unit cost of production is £15 per oulput good. Let P be the unit price of the output good and Q be the total output level. Which of the following statements is correct? Select one answer. O Point (Q, P) = (2,000, 20) is on the isoprofil curve representing the profit lovel £20,000. O Point (Q, P) = (2,000, 20) is on a lower isoprofit curve than point (Q, P) = (1,200, 25). O Points (Q, P) = (2,000, 20) and (4,000, 16) are on the samo isoprofit curve. O Point (Q, P) = (5,000, 15) is not on any isoprofit curve.The market for paperback detective novels is perfectly competitive. Market Demand is given by Q=393-7P. Market Supply is given by Q=3P-9. Suppose 55 units are bought to the market. Consider the Marginal Cost of production for these 55 units. What is the maximum Marginal Cost of production of these 55 units? Enter a number only, do not include the $ sign. Hint: 55 doesn't have to be the market quantity.
- Let us consider an economic sector characterized by the following data. The (inverse) demand function is p = 20 -2g with q the quantities produced by the firms in the sector and p the price. The total cost of production for any firm in the sector is: CT(a) = q* - 4g +5 a) First, assume that there is only one firm, firm 1, in the industry. Calculate the price, quantity produced and profit of firm 1 in a monopoly situation that wants to maximize its profit b) Firm 1 seeks to deter the entry of another firm, firm 2, into its market through a sustainable monopoly strategy. Calculate the equilibrium price, quantity and profit of firm 1 given this strategyA local microbrewery has total costs of production given by the equation TC=500+10q+5q^2. This implies that the firm's marginal cost is given by the equation MC=10+10q (you do not need to be able to show this). The market demand for beer is given by the equation QD=105 – (1/2)*P. a) Write the equations showing the brewery's average total cost .A firm makes three products, in quantities X, Y and Z. It wishes to maximize its profit function: π= 8X + 16Y + 4Z − 0.8X2 − 0.8Y2 − Z2 i) However, in order to satisfy customer orders, it must produce a total of 24 items which are either product X or product Y. Show how many of each of its three products it should produce and find the profit it makes.