competitive firm has the short-run cost function C(y) = 12y3−8y2+30y+12. At what price will the firm agree to produce assuming marginal cost is known
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A competitive firm has the short-run cost function
C(y) = 12y3−8y2+30y+12.
At what price will the firm agree to produce assuming marginal cost is known
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- A firm has a linear demand function for it's product.When the price of the product is sh.20,the quantity demanded is 40 units.When the price increases to sh.240 the quantity demanded becomes 30 units.In addition,the firm's marginal cost function is giving by: Mc = 40q- 2q^2+2 Fixed cost = 5 million Where q= quantity demanded,Mc = marginal cost(sh.million) Required 1.The level of output that maximises profits 2.The maximum profit 3.The price of the product at the maximum profitThe cost function for Acme Laundry is: TC(q)=10+10q+q^2 so its marginal cost function is: MC(q)=10+2q where q is tons of laundry cleaned. Derive the firm's average cost and average variable cost curves. What q should the firm choose so as to maximize its profit if the market price is p? How much does it produce if the competitive market price is p = 50?The market for smart thermostats has grown increasingly competitive. Producers of smart thermostats all rely on the same technology and face the same costs. The cost function for a smart thermostat producer is given by the following function: c(y)=-10y+2003 where y stands for the number of smart thermostats produced and sold in a month. 2nd attempt Suppose the market demand for smart thermostats in any month is given by QD = 305 - p. In the long-run equilibrium, we would expect to find firms in the industry. See Hint
- The cost function of competitive firm is TC = 20 + 5Q2. The product's market price is 30 AZN. Please find the firm's profit.The cost function for Acme Laundry is: TC(q)=10+10q+q^2 so its marginal cost function is: MC(q)=10+2q where q is tons of laundry cleaned. Derive the firm's average cost and average variable cost curves. What q should the firm choose so as to maximize its profit if the market price is p? How much does it produce if the competitive market price is p = 50?What would it look like in excel?A firm has a linear demand function for it's product.When the price for the product is Sh.220,the quantity demanded is 40 units.When the price increases to Sh.240 the quantity demanded becomes 30 units.In addition,the firm's marginal cost function is given by; MC = 40Q-2Q^2+2 Fixed cost = Sh. 5 million Where Q= quantity demanded, Mc= marginal cost(cost in Sh. Million) Required 1.The level of output that maximises profits 2.The maximum profit 3.The price of the product at a maximum profit
- A firm in a competitive industry has the following cost function: c(y) = y3/3 - 20y2 +310y. (Note that this is a different cost function than the one used in the earlier problems.) What is the minimum price at which this firm will supply any output? (Also note that the question is asking for price, not quantity.) Answer is integer.The cost function for a firm is given by C(Q) = 5 + Q? If the firm sells output in a perfectly competitive market and other firms in the industry sell output at a price of $20, what price should the manager of this firm put on the product? What level of output should be produced to maximize profits? How much profit will be earned?A firm's short-run cost function is given by: C(q) = 50+10q-6q2+q3 What is the lowest the price (p) could be if the firm is maximizing profits in the short-run by producing a strictly positive amount of output (q>0)? a.) Minimum price = ?
- A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500 per day when producing 15 sinks. The company has a daily demand function of q = 360 − p, where q is the number if laundry sinks demanded and p is te price of a laundry sink. (b) Find a function for the average cost of this company?A firm in a perfectly competitive market has the following cost function: c(q) 8q2 + 228. If the market price of their product is $161, what is their profit? Round your answer to 2 decimal places.Suppose that the cost of producing q appliances is C(q) = 500 – 4q + q? and the demand function is given by p = 14 – 2 q. The quantity that minimizes the average cost function and the corresponding price are g= 22.36 and p= -30.72 a) Why the corresponding price is negative? explain The maximum profit would be -473 b) Why the maximum profit is minus? explain what happens