Answered: A Firm has a revenue and cost function:…

A Firm has a revenue and cost function: C=1600-0.5q² R=30+200q Solve for Marginal Revenue and Marginal Cost. Find output, revenue and profit at the level of output.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section21.4: Costs Of Production: Total, Average, Marginal

Problem 3ST

See similar textbooks

Related questions

Q: TC = 60 + 10*Q – 4*Q2 + Q3 Calculate FC (fixed costs), VC (variable costs), and TC for Q = 0 to 5.…

A: It is based on the concept of total cost fixed cost variable cost So fixed cost is the cost that…

Q: explain what is the circular flow diagram illustrates for a macroeconomy.

Q: 2. You are deciding whether or not to purchase insurance. Your income is $100,000 and the chance of…

A: Income = $100,000 Chance of getting sick = 30% Coinsurance rate = 0.15 U = Y0.5 When sick,…

Q: Problem 2: Average total cost, from “Principles of Economics” by N. Gregory Mankiw You are the chief…

A: Average total cost alludes to the cost per unit of output. It includes both fixed and variable…

Q: d. Consider the following scenarios: Variable Cost/Book Access Price Demand Scenario 1 $6 $46 2,500…

A: Profit refers to the difference between the total revenue and total costs . Total Revenue = Price *…

Q: For each shock identified below, shift the AD curve, the SRAS curve, or both to show its effects on…

A: Macroeconomics refers to the branch of economics dealing with performance, structure, behavior, and…

Q: A chemical processing corporation is considering three methods to dispose of a non- hazardous…

A: Given There are three alternatives and each alternative has different expected lives. To perform…

Q: A firm earning a zero economic profit in the long run has earned a competitive return or normal rate…

A: Normal Profit is just revenue minus implicit and explicit cost. This means the profit is just enough…

Q: Jean is more hardworking than John. Discuss and draw the labor supply functions for Jean and John.…

A: The total hours (adjusted for intensity of effort) that workers wish to work at a given real wage…

Q: QM = 140,000 -32,000P marker Quantity demanded. QF = 60,000+ 8,000P, where QM = market quantity…

A: The market price is the current price at which an asset or service can be bought or sold. The market…

Q: Economy’s entire money supply is $400,000 and required reserve ratio is 15%. As a result of the…

A: Part (a) When 8000 is repaid, as per rule bank require to keep 15% of the deposit as a reserve…

Q: 20. Paulina sells beef in a competitive market where the price is $6 per pound. Her total revenue…

A: Here we are given the cost structure of a perfectly competitive firm and the price which it faces…

Q: Explain the effect of an increase in the reserve ratio, θ, on the high-power money demand and the…

A: Here we are given the situation of the money market. Where the money demand and the money supply…

Q: Using the following data, calculate the equilibrium interest rate Y=7,000 G=4000 T=2,000…

A: The equilibrium real interest rate (r*) is the short-term real interest rate that, in the long term,…

Q: In a simple economy (assume there are no taxes, thus Y is disposable income), the consumption…

A: Consumption function we have C=100+0.75Y And the investment I=300

Q: How much money should be deposited each year for 8 years starting 1 year from today, if you wish to…

A: To determine the present worth the present value of money approach will be applied with the…

Q: Consider the production function by Y = 10LK where L denotes number of workers and K denotes units…

A: Production function represents the functional relationship between the output and input.

Q: On December 31, 2021, Annie bought a fitness center with exercise equipment and a building worth…

A: Net investment = Capital investment - Depreciation. Depreciation is the normal wear and tear…

Q: Defined capital budgeting. What are the capital budgeting methods used by managers?

A: The process by which a company decides which investments in projects or purchases of fixed assets…

Q: What is the present equivalent of a uniform series of quarterly payments of $4,500 each for 7 years…

A: The rate of interest compounded bi-monthly states that the interest will be compounded every two…

Q: Mike and Sophie are splitting up and need to decide who will get the car they purchased together.…

A: given that, Mike's bid is $5000 Sophie's bid is $4500

Q: 3. In a Stackelberg game, what do we call the firm that moves first? What do we call the firm that…

A: Game theory is the game of strategy. Payoff matrix shows the payoffs of the players.

Q: Find the consumer surplus, producer surplus and total surplus, given the following: Demand: ? =…

A: It is based on the concept of interaction of demand and supply but demand is downwards sloping curve…

Q: What does the research and experimentation tax credit do? It offers a tax benefit to individuals…

A: Research and development is a very integral part of an economy as it ensures the economy is growing…

Q: Dog Up! Franks is looking at a new sausage system with an installed cost of $520,000 This cost will…

A: Depreciation is the continuous decrease in the economic value of the capital stock of a firm,…

Q: Consider the following game, called matching pennies, which you are playing with a friend. Each of…

A: a) We construct the payoff matrix as follows: When face matches, that is both you and your friend…

Q: With respect to the economy depicted in the graph below: a b C Price Level (P) d P₁ Select an answer…

A: Here, in the given graph, it can be seen that short-run equilibrium real output is $800 with the…

Q: Suppose a firm operating in a competitive market has the following cost curves: PRICE a. $9 Ob. $50…

A: Economic profit is the difference between total revenue and total expenditure.

Q: Suppose the government of the island has decided to make tomatoes more affordable to consumers by…

A: The concept is based on the interaction of the supply and demand curve in which supply is an…

Q: Suppose that the aggregate demand and aggregate supply schedules for a hypothetical economy are as…

A: Aggregate demand cure shows the relationship between price and aggregate quantity demanded in a…

Q: Suppose that you purchase a car for P 1,000,000.00. The scrap value of the car after its useful life…

A: Depriciation measures the reduction in the value of asset over the time it is being used. This…

Q: (c) If the price of capital is $750 a week and the price of labor is $300 a week, which input does…

A: In economics, a production function gives the technological relation between quantities of physical…

Q: UPVOTE WILL BE GIVEN. PLEASE WRITE THE COMPLETE SOLUTIONS AND DRAW THE CASH FLOW DIAGRAM. NO LONG…

Q: 11. The law of diminishing marginal returns: a. is relevant in both the short and the long-run. b.…

A: The law of diminishing marginal returns:

Q: Please explain each step. A monopoly's inverse demand function is as follows: P = 1450 - 58Q. Its…

A: A firm maximizes profit at MR = MC. MR is a change in total revenue to a change in quantity. MC is a…

Q: wn? Figure 2: growth X Graded Assignment ch of the points shown in Figure 1 are feasible? Figure 1:a…

A: The above answer concept of based on the transformation curve or production possibility curve (PPC).…

Q: In a simple economy (assume there are no taxes; thus, Y is disposable income), the consumption…

A: Given that: Consumption function (C) = 200 + 0.8Y Assume there are no taxes and Y is disposable…

Q: Which measures the changes in the prices of a "market basket" of some 100 goods produced by typical…

A: In economic parlance, the term "market basket" frequently refers to goods that consumers and…

Q: e analysis for the market for loanable funds diagram to illustrate and explain how the following…

A: The market for loanable funds are defined as intersection of demand for loanable funds and supply of…

Q: Consider the following table for a household's consumption expenditures and disposable income.…

A: APC or Average Propensity to consume is the consumption per unit of disposable income. APC=C/Y MPC…

Q: CBS is selling advertising for its broadcast of the AFC championship game. The station’s demand for…

A: Marginal cost is the change in total cost that is obtained from production of an additional unit.…

Q: A cash flow has an initial amount of PHP 100,000 at EOY 1 and decreases by 10,000 per year starting…

A: A future sum of money's present worth is its value now.The annual worth is the sum of all benefits…

Q: or $850,000. As part of the sale, Tom paid $17,000 for real estate agent fee, $8,000 for advertising…

A: GDP refers to the production of final goods and services during an accounting year. The production…

Q: 3. The price index for the current year is 180. This means that, on average, prices in the current…

A: Inflation is the increase in price level over the years. Change in price (Inflation) = Change in…

Q: True or false with reasoning: 1) _______When we claim that utility can be ordinally measured, we…

A: The amount of one good that a customer can give up in exchange for more units of another good with…

Q: Assume that the real risk-free rate is r* = 2% and the average expected inflation rate is 3% for…

A: Introduction A bond is a debt security that resembles an IOU. Borrowers create bonds to get money…

Q: Suppose you’re evaluating a new project costing 125 and yielding an expected payoff of 75 for the…

A: The Capital Asset Pricing Model (CAPM) is a model that describes the relationship between the…

Q: The saving function of an economy is shown. Dissaving occurs OA. at an income level of $20 billion.…

A: What is dissaving? Negative saving; is a condition in which spending exceeds income. Dissaving can…

Q: According to the EMH, it is impossible to consistently get a non-zero alpha O True False

A: According to the efficient market hypothesis (EMH) the market price depicts best forecast that…

Q: X2

A: Here we are given the indifference curve map (a collection of indifference curves). The indifference…

Question

Plz Provide proper explanation to the solution, and give typed solution if you can do it fast..

A Firm has a revenue and cost function:
C-1600-0.5q²
R=30+200q
Solve for Marginal Revenue and Marginal Cost.
Find output, revenue and profit at the level of output.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions

A company produces very unusual CD's for which the variable cost is $ 15 per CD and the fixed costs are $ 50000. They will sell the CD's for $ 79 each. Let a be the number of CD's produced. Write the total cost C as a function of the number of CD's produced. C =$ Write the total revenue R as a function of the number of CD's produced. R=$ Write the total profit P as a function of the number of CD's produced. P=$ Find the number of CD's which must be produced to break even. The number of CD's which must be produced to break even is Question Help: Video Submit Question
A company produces very unusual CD's for which the variable cost is $ 11 per CD and the fixed costs are $ 30000. They will sell the CD's for $ 89 each. Let x be the number of CD's produced. a. Write the total cost C as a function of the number of CD's produced. C = $ b. Write the total revenue R as a function of the number of CD's produced. $ R = c. Write the total profit P as a function of the number of CD's produced. $ P = d. Find the number of CD's which must be produced to break even. The number of CD's which must be produced to break even is Round to the nearest number of CDs.
The gap that exists in a graph between total costs and fixed costs represents the variable costs of the company. True or false
A company produces very unusual CD's for which the variable cost is $ 9 per CD and the fixed costs are $ 50,000. They will sell the CD's for $ 57 each. Let x be the number of CD's produced and sold. a. Write the total cost TC as a function of the number of CD's produced and sold. TC = $ b. Write the total revenue TR as a function of the number of CD's produced and sold. TR = $ c. Write the total net income NI as a function of the number of CD's produced and sold. NI = $ d. Find the number of CD's which must be produced and sold to breakeven. The number of CD's which must be produced and sold to breakeven is Round UP to the nearest whole number of CDs. Submit Question
Suppose that the fixed cost for a product is $200 and the break-even quantity is 50. find the marginal profit (the slope of the linear profit function) The marginal profit is?
How much does this firm pay in fixed costs? Assume the values are in $$
“A firm that earns only normal profit is not covering all its costs.” Do you agree or disagree?
Sergio Lopez is a publisher of Latin American poetry. His fixed cost is $525, and the cost to produce each individual copy of his book is $3.50. Currently, Sergio is selling these books for $6 each. So far this year, he has produced x a. Write a linear cost function C for Sergio’s book production, in terms of x. b. Find the linear revenue function R for selling x copies of the book. Remember that P(x) = (price)x. c. Use and 1b. to determine the profit function P for selling x books. Write the formula in simplified form. d.Use your answer for 1c to determine the profit, in dollars, for selling 300 books.