User Account

All Pages

Determine the total profit function p

Assignment Help Business Economics
Reference no: EM133083499

Suppose that the demand equation for a monopolist operating in Nairobi is and the cost function is C(x) = 50x + 100 where x is the production level

a) Given that the total revenue R (x) =xP and that the Total Profit realized P(x) = R(x) - C(x), determine the R(x) hence the P(x).

b) Using the result in (a) above determine the production level x that maximizes Profit and hence the maximum profit.

c) The marginal revenue function (MR) for a product is MR = 44 - 5q. The marginal cost is MC = 3q + 20, and the cost of producing 80 units is Ksh.11,400 where q are the number of units produced and sold.

i. Determine the total profit function P(q)

ii. Using the result in (i) above, and the profit or loss from selling 100 units of the product

Reference no: EM133083499

Questions Cloud

Identify deadweight loss in the graph : Is there too little, too much or the correct amount of milk produced from a socially optimal perspective? Prove your answer by drawing a graph representing the
How many cinemas should the monopoly operate : Consider a linear city whose (adult) population of 1 million is uniformly distributed over the interval [0; 5]. There is a monopoly operator of cinemas.
Emphasizing economic development : How does the shift from emphasizing economic growth to emphasizing economic development alter the choice of growth strategy? What sort of strategy may be pursue
Discuss the forces motivating people : Analyse the main types of labour mobility and discuss the forces motivating people to move from one place to another.
Determine the total profit function p : Suppose that the demand equation for a monopolist operating in Nairobi is and the cost function is C(x) = 50x + 100 where x is the production level
Relationship between economic cycles of individual economies : Outline the factors that strengthen and weaken the relationship between the economic cycles of individual economies.
Explain lack of health care in the rural areas : 1. Explain Lack of Health care in the rural areas as a complex development problem in Africa
Big effects on domestic markets : International trade can have big effects on domestic markets. For both an import good and an export good (in other words, address each bulleted item below twice
Game of prisoner dilemma the strategy profile : Show that in the game of Prisoner's dilemma the strategy profile (Confess, Confess) is evolutionarily stable.

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd