Find the price at which the firm sells the product

Assignment Help Financial Accounting
Reference no: EM13146074

Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the price elasticity of demand for the product it sells is (-3). Find the price at which the firm sells the product.

Reference no: EM13146074

Questions Cloud

Ratio scale compared to measurements on ordinal scale : What additional information is obtained from measurements on an interval scale compared to measurements on an ordinal scale?
What possible adverse selection and moral hazard problems : Without further restrictions or incentives, what possible adverse selection and moral hazard problems can you envision with this proposal?
What would be the total number of moles of h2so4 needed : Given the reaction: 2Al + 3H2SO4 -> 3H2 + Al2(SO4)3 what would be the  total number of moles of H2SO4 needed to react completely with 5.0 moles of Al ?
What is the length of the wildtype enzyme prior : What was the mutational event that gave rise to the frameshift mutant? Determine precisely where the single nucleotide insertion or deletion occurred in the beta-lacatamase coding sequences.
Find the price at which the firm sells the product : Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the price elasticity of demand for the product it sells is (-3). Find the price at which the firm sells the product.
What is the effect of an increase in the price of market : What is the effect of an increase in the price of market goods on a worker's reservation wage, probability of entering the labor force, and hours of work?
Identify independent variable and the dependent variable : Oxytocin were more likely to give their money to a trustee compared to people who inhaled an inactive placebo. For this experimental study, identify the independent variable and the dependent variable.
What is the nucleotide sequence of the wildtype anticodon : At which stop codons would the mutant tRNAglu be able to suppress translational termination? (assume that G-U base pairing is possible at the wobble position)
How the book came up with this slope : The relative cost of wheat into autos (slope of the line) is .33 bushels of wheat. So, to produce one auto, the nation needs to give up .33 bushels of wheat? How the book came up with this slope? Why is not 18/5= 3.6 the slope?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Illustrate what is the net sales amount for the period

A company has sales of $1,500,000, sales discounts of $102,000, sales returns and allowances of $123,000, shipping charges of $15,000, sales commissions of $34,000, net income totaled $263,500, and cost of goods sold of $420,000. Illustrate what i..

  Find out the net present value for each machine

Find out the net present value for each machine and decide which machine should be purchased if the required rate of return is 10 percent. Ignore taxes

  Explain how do webusiness people and as a society

After all, we live in a society where the norm is to 'have someone's back' and to not 'rat out someone'. Explain how do we, as businesspeople and as a society, overcome the loss of trust many feel toward whistle-blowers?

  What stakeholder interests are in conflict

Should companies manage fixed assets with the same level of rigor as inventory? What stakeholder interests are in conflict?  What ethical issues does Phillips face?  How should these costs be allocated?

  What does it mean for liability

What does it mean for liability on a negotiable instrument to be secondary liability and Under what doctrine should a party who is aware that an instrument is overdue take that instrument and acquire the rights of a holder in due course

  Write down a memo to her advising how she might modify

Write down a memo to her advising how she might modify her current manual accounting system to accomodate the expanded business activities.

  How much will annual profits be increased or decreased

Finding the changes  of annual profits be increased or decreased - If the order is accepted, by how much will annual profits be increased or decreased?

  Evaluate the correct inventory amount

Evaluate the correct inventory amount

  Explain meaning of contribution margin in layman terms

Vince's assistant manager, an accounting major, has suggested that the firm should try to increase the contribution margin per pizza. Explain meaning of "contribution margin" in layman's terms.

  Determine depreciation expense of the press

Determine depreciation expense of the press using both US GAAP and IFRS - Expected future undiscounted cash flows from operating press

  What is the residual income of the project

The company is investigating an investment of $400,000 in project that will generate annual net operating income of $78,000. What is the return on investment of the project? What is the residual income of the project? Should the company invest in ..

  Prepare contribution format segment income statements

Prepare contribution format segment income statements

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!

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