Question 19 3.33 pts A firm faces the following demand function for its product: Q = 25 - 2P1 + 0.5P2. If this firm has marginal costs equal to 3; what price should this firm set? Round your answer to two decimal places.
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- A toy manufacturing from has demand for the product is given by the demand function Q= 500 - 3p. Where P is the price in dollars and q is the quantity sold per year. What quantity will the firm sell at price $100.A major software developer has estimated the demand for its new personal finance software package to be Q=1,000,000P-2 while the total cost of the package is C = 10,000+ 25Q. If this firm wishes to maximize profit, what percentage markup should it place on this product where percentage markup is defined as 100*(sale price - marginal cost)/marginal cost? 4. a. b. C. d. e. ANS: 90% 100% 20% 40% 250%Pierce Manufacturing determines that the daily revenue, in dollars, from the sale of x lawn chairs is R(x) = 0.006x³ +0.02x² +0.6x. Currently, Pierce sells 90 lawn chairs daily. a) What is the current daily revenue? b) How much would revenue increase if 95 lawn chairs were sold each day? c) What is the marginal revenue when 90 lawn chairs are sold daily? d) Use the answer from part (c) to estimate R(91), R(92), and R(93). (…) a) The current revenue is $ b) The revenue would increase by $. (Round to the nearest cent.) c) The marginal revenue is $when 90 lawn chairs are sold daily. d) R(91) ≈ $ R(92) $ R(93) $
- A 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 .Q1: Analytical part - 8% Best Orange Juice Company is located in Oman. The cost function for total orange juice production (x) is given by C(q) = 0.25x2. Their orange juice is demanded only in Muscat (Muscat demand is Xm- 100-2Pm) and Salalah (Salalah demand is X 100-4Ps). Therefore, the total demand is x-xm+ Xs. If the company can control the quantities supplied to each market, how many should it sell in each location to maximize total profits? What price would it charge in each location? Answer:Each ton of ore mined from the ABC Mine produces 1 ounce of silver and 1 pound of lead. Marginal costs are $10 per ton of ore mined. The demand for silver is P_S = 11 – 0.00003Q_S and the demand for lead is P_L=0.4 – 0.000005Q_L where Q_S is ounces of silver and Q_L is pounds of lead. Calculate profit-maximizing sales quantities and prices for silver and lead. (hint: apply the marginal principle to aggregated revenues)
- A price-taking firm's variable cost function is VC = 2Q°, where Qis its output per week. It has a sunk fixed cost of $4,000 per week. Its marginal cost is MC = 6Q². a. What is the firm's supply function when the $4,000 fixed cost is sunk? Instructions: Enter your answer as a whole number. Q= (PI6)0.5 for Pz $[ b. What is the firm's supply function when the fixed cost is avoidable? Instructions: Enter your answer as a whole number. Q= (P/6)0.5 for P2 $[Q6. A firm faces a market demand equation Q= 30 - P and a total cost function of TC (Q) = Q/2 with a marginal cost MC(Q) = Q. • What type of firm is this? How do you know? Find the profit maximizing price and quantity of the firm while mentioning the condition that results in profit maximization. • Calculate the profit made by the firm in part (b) Is the firm maximizing welfare? If not, what price would the firm now charge?There are two different demand curves at your movie theaters. During the weekends, the inverse demand function is P=20-0.001Q, on weekdays, it is P=15-0.002Q. The marginal cost if 25,000 per movie. Determine prices for the weekends and weekdays.
- 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 £ NumberA toy manufacturer's cost for producing q units of a game is given by Ca) =1450 +3.69 + 0.0006g. If the demand for the game is given by p = 8.6 - 4409 how many games should be produced to maximize profit? (Round your answer to the nearest integer.). 888 X gamesA firm sells its product i two different markets. the inverse demand in market A is PA=72-5QA & in market B, it is PB=60-3QB.it has fixed cost of 72.each unit it produces costs 12 that is marginal cost equals 12.to maximize profits, what quantities of output will be sold in each market & what will total profits be?
