Given: TR = 193Q -4Q² TC = 1/3Q³-12Q²+179Q+100 (A). Find Q to get maximum TR (Notes: Use 3 digits after decimal point) Following previous question: (B).Find maximum TR (C). Find average cost when Q = 7

Given: TR = 193Q -4Q² TC = 1/3Q³-12Q²+179Q+100 (A). Find Q to get maximum TR (Notes: Use 3 digits after decimal point) Following previous question: (B).Find maximum TR (C). Find average cost when Q = 7

EBK HEALTH ECONOMICS AND POLICY

7th Edition

ISBN:9781337668279

Author:Henderson

Publisher:Henderson

Chapter4: Economic Evaluation In Health Care

Section: Chapter Questions

Problem 7QAP

See similar textbooks

Related questions

Q: Monetary policy is often more effective than fiscal policy because O It is blunter and more…

A: Answer: Monetary policy is taken by the central bank of a nation. Generally, the central banks are…

Q: Amanda has a 9 year old beagle named Lexi that tore her ACL. Amanda values Lexi at about $1,000. The…

A: The degree to which market prices represent all accessible, relevant information is referred to as…

Q: Suppose you've just inherited $10,000 from a relative. You're trying to decide whether to put the…

A: When the interest rate is 8%, Opportunity Cost=8% of 10,000=800 When the interest rate is 10%,…

Q: Consider a country in a regime with flexible exchange rates. Keeping the domestic interest rate…

Q: If the firm is maximizing its profits when the price is $12, its total cost is: a) $1200 b) $700…

A: A competitive firm maximizes profit by producing at P=MC

Q: argumantive speech about: Are we doing enough to end poverty?

A: Poverty is situation or state of a person or who do not have enough money to fulfill his basic needs…

Q: The saving function of an industrial project (in millions) is given by (Picture Below) . The…

A: The surplus of income over-consumption spending is referred to as savings. The concepts of saving…

Q: A tax law change that successfully encourages saving will interest rates, which leads to investment…

A: Equilibrium in the loanable funds market occurs at the intersection of demand and supply curves of…

Q: Question 3 A monopolist faces the demand curve P = 18-Q, where P is measured in rands per unit and Q…

A: Given, P = 18 - Q Average cost = R6 per unit TR = P*Q = 18Q - Q^2 MR = 18 - 2Q TC = AC*Q = 6Q MC = 6…

Q: PRICE LEVEL 120 110 100 90 80 Aggregate Demand 0 10 20 40 50 60 30 OUTPUT Suppose the governments of…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: The iarline industry is best classified as monopolistically competivie, oligopoly, competitive or…

A: Answer: Oligopoly: in an oligopoly, there are a few large firms. The firms have enough market power.…

Q: Ireen wants to give her daughter Loaura a financial gift on the latter’s college graduation two…

A: As per the given information Present invested = 2000 Future worth = 5000 Interest compounded…

Q: At which point does the SMC curve cut the SAC curve?

A: The change in total cost per unit of change in output is known as short-run marginal cost (SMC).…

Q: In the following graph, suppose market is in equilibrium at point A. Determine if you agree or…

A: The market is in equilibrium at point A. We will note the changes in the demand and supply curve to…

Q: LOANABLE FUNDS Based on this model, the budget deficit leads to in the level of investment and in…

A: PLEASE FIND THE ANSWER BELOW. BUDGET DEFICIT: A budget deficit occurs when expenses exceed…

Q: Along a given downward-sloping demand curve, a decrease in the price of a good will increase O…

A: Given: There is a downward sloping demand curve. There is a decrease in the price of the good.

Q: Consider the following normal form game

A: Given, Two Players : Player 1 and Player2Player 1's strategies : U, M and DPlayer 2's strategies :…

Q: A. Modified TRUE of FALSE. Write T if the statement is TRUE and CHANGE the underline word if the…

A: Transportation and communication goes hand in hand in the development of any society and its…

Q: Taco Bell recently added a breakfast line to their menu to complement their line of lunch and dinner…

A: At the marketplace, there are different strategies used by a firm to expand their business in terms…

Q: State and explain at least 10 principles to be considered in the selection and formulation of…

A: The correct answer is given in the second step.

Q: Kali is a dot-com entrepreneur who has established a Web site at which people can design and buy a…

A: Given Kali has to pay $100 for an internet connection and 10 per pair of sunglasses So the total…

Q: . Suppose we have the following information: utility function U=XY; I=200; Px=5 and Py=10. The…

Q: Country A currently imports solar panels at $30,000 each. The government is using only 10% of the…

A: Domestic business refers to commercial transactions that take place within a country's geographical…

Q: Which of the following is true of an unregulated market for barbecue if its production creates…

A: There is an external cost of production of barbecue.

Q: Components Wages and salaries Rent, dividend & interest Companies profits Depreciation Transfer…

Q: What is the annual rate of interest (in %) if P275 is earned in 10 months on an investment of…

Q: Jack Sparrow's utility function is UJack(W, B) = W. His wife's utility function is Uwife(W, B) = B.…

A: Elizabeth's Utility function : Ue = W Endowment : W , B = ( 16 , 5 ) Husband's Utility function : Uh…

Q: Do you think the criticism of Nike is fair, considering that the host countries are in dire needs of…

A: Nike's criticism, in my opinion, is unfair. Because although multinational corporations' main aim is…

Q: explain the manegerial importance of the demand function from the management perspective.

A: Managerial economics refers to the management of business using economic theories, tools, and ideas.…

Q: 14. Two projects are under consideration. Year A B 0 ($3,400) ($4,500) 1 $2,750 $1,000 2 $2,750…

A: Answer; Year Cash Flow (A)…

Q: 4. Items Personal consumption Investment Government consumption Export Import Taxes on expenditure…

A: Given Items Symbols Rm million Personal Consumption C 25000 Investment I 5000 Government…

Q: Which of the following statements are true? a. If intangible capital is inseparable from the firm…

A: The exchange of goods and services between entities, or the buying and selling of commodities and…

Q: A well educated society can be considered which of the following, as it pertains to economics?…

A: If a person's knowledge and abilities are developed in such a way that they finally result in a…

Q: The market demand for a good is P = 90 - Q. The good can be produced at a constant cost of $10. How…

A: Market Demand : P=90-Q Marginal Cost : 10 Perfect Competition In perfect competition, Price is…

Q: A good's demand is given by: P = 497-2Q. At P= 106, the point price elasticity is: Enter as a value…

A: Answer; The point price elasticity is -0.27

Q: 9. In the game played in the class, "Guess 2/3 of the average", assume there are 3 students, each…

A: Introduction Each players names as integer between 0-100. Each player chooses best response to other…

Q: A decrease in consumption caused by a factor other than a change in the price level a. shifts the AD…

A: Aggregate demand basically refers to the total quantity of demand for all completed products and…

Q: Which curve doesn’t have u-shape

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: A company is considering purchasing a machine for manufacturing that costs $30,000. The salvage…

A: Answer: The economic life of a machine will be the one for which the EUAC is minimum. The EUAC is a…

Q: 6. You are given the following consumption function: C = RM150 million +0.75Yd Based on the above…

A: We have given consumption function C=150+0.75Yd where yd is a disposable income.

Q: i A simultaneous increase in taxes and social benefits O Weakens the market power of companies O…

A: Tax Tax is the financial charge which is levied by the Authorities of the government on the…

Q: A firm employs labour L and capital K = 10 to produce using the production function q = 60K²L²-K³L³.…

A: L = 10 K=10 q=60K2L2 q = 60*100*100 q= 600,000

Q: Price and cost (dollars per rose) 60 50 40 30 20 MR 10 01 2 3 4 MC D 5 6 7 Output (roses per hour)

A: A competitive firm will maximise profit at a point where price is equal to marginal cost. A…

Q: The difference between between exports and imports of goods/services forms the current account of…

A: Balance of payments is the statement of transactions of a country trade with rest of the world.…

Q: 6. The price of wheat is determined by supply Sw = 2pw-40 and demand Dw = 200-2pw. Next month the…

A: Given; For wheat:- Supply function; Sw=2pw-40Demand function; Dw=200-2pwPrice ceiling; pw=40 For…

Q: If it takes 0.3 dollars to buy a Mexican Peson and 0.6 dollars to buy a Brazilian Real, then it…

A: Answer: Given, 1 Mexican pesos=0.3 dollars...........equation 11 Brazilian Real=0.6…

Q: $/Q 174 125 118 MC 80 m 59 48 ATC AVC n 40 28 Q₂ Q3 Q4 as total variable cost at Q₂ units of output…

A: Total cost is the sum of fixed costs and variable costs.

Q: Level of investment goes up by 200. What happens with the level of GDP if you know that MPS = 0,9.…

A: Given; Increase in level of investment; ∆I=200 Marginal propensity to save; MPS= 0.9 Marginal…

Q: Assess the validity of the following statement: An increase in government spending, the target…

A: When talking about a change in government spending, it can be said that it is one of the components…

Q: 2) Ann McCutcheon is hired as a consultant to a firm producing ball bearings. This firm sells in two…

A: We have two different markets with the given cost function.

Question

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 by step

Solved in 2 steps with 2 images

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

The total cost (in hundreds of dollars) of producing x calculators per day is given by the equation. 20- 15- 10- C(x) = 6 + /2x + 32 Osx< 50 Perform the following calculations and interpret the results. 10 20 30 40 50 Production C'(x) =U %D Cost (hundred dollars)
What is the formulae used to find unit cost?
how do you know the total variable is 50 when finding the total fixed cost?
If rate is asked, your input should be in percentage.
Calculate the totat variable cost if it is given that Total cost is $8200 and total fixed cost is $3300
ATC, AAC, AVC, MC (/uni 270.00 24000 21000 180.00 150.00 120.00 10:00 60.00 30.00 0:00 02 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Units of Output (0) Unit Cost Curves Refer to the graph above. The curves are not labeled. To help get this question right, you must first label the curves. An output level of 18 is identified with the dark vertical line. The shaded rectangular area (height times width) is the O average sunk cost. O total sunk cost O total avoidable fed cost. O total avoidable cost. O None of the above
A car wheel making company has the following data related to cost: Total Cost = $ 15000 + 1000X and Total Revenue = 2500X, where X is the number of wheel. Plot the Total Cost and Total Revenue on the graph.
A heavy equipment manufacturing company has produced its first unit using 3500 hours and $300,000 overhead cost. The next unit, i.e. the second unit took 3300 hours. Overhead cost for this unit was $200,000. Suppose the labor was $20 per hour. Being the production manager, you need to decide what would be the total production costs for additional 10 units after the completion of the second unit. Round the final amount to nearest integer. $1,597,832 C$1,003,183 (DNone of the above
major league baseball plans to sell special commemorative jerseys for the world series. the suppliers says that costs will be C(x)= 10x2-680x-20,000 dollras dor making x jerseys. MLB plans to sell them for 120 dollars each. how many jerseys must be sold for MLB to make a profit?
A cost function is given. C(q) = 3600 + 5q-0.02q² + 0.00039³ (a) Find the average cost and marginal cost functions. +5 -0.02q +0.0003q average cost 3600 9 marginal cost 5 -0.04q+0.0009q (b) Use graphs of the functions in part (a) to estimate the production level that minimizes the average cost. (Round your answer to the nearest integer.) 194 ✓ units (c) Use calculus to find the minimum average cost. (Round your answer to two decimal places.) $ 32.41 X (d) Find the minimum value of the marginal cost. (Round your answer to two decimal places.) $ 4.56
The Retread Tire Company recaps tires. The fixed annual cost of the recapping operation is $60,000. The variable cost of recapping a tire is $9. The company charges $25 to recap a tire. For an annual volume of 12,000 tires, determine the total cost, total revenue, and profit. Determine the annual break-even volume for the Retread Tire Company operation. Graphically illustrate the break-even point using a one way table that relates volume to profit.
If the total revenue is 184 units in the total profit is 132 units find the total cost?