Find the quantity that maximizes the firm''s profit

Assignment Help Microeconomics
Reference no: EM13987557

Suppose a firm in a competitive market has the following cost of production: TC=50+3q^2. For a price p=60, find the quantity that maximizes the firm's profit.

 

Reference no: EM13987557

Questions Cloud

How high above starting position does baseball-marshmallow : A baseball (mass 0.145 kg) is at rest in a mesh net above the ground. A 0.023 kg marshmallow is thrown at the baseball from directly below, and attaches itself to the ball, without hitting the net, while traveling at a speed of 3.90 m/s. How high ..
Schedule the jobs through the two processes and calculate : Schedule the jobs through the two processes and calculate the percent idle time for this schedule.
How high will it get up the hill before coming to a stop : A basketball (hollow) rolling along without slipping at 4.0 m/s and then encounters a hill. How high (in vertical meters) will it get up the hill before coming to a stop?
Investigate the bank of canada : Investigate the Bank of Canada and the Bank of England and compare their authority to the Federal Reserve. What are these institutions supposed to do? What may they not do? How are they similar and how are they different? Keep your answer under two p..
Find the quantity that maximizes the firm''s profit : Suppose a firm in a competitive market has the following cost of production: TC=50+3q^2. For a price p=60, find the quantity that maximizes the firm's profit.
Suppose a firm in a competitive market : Suppose a firm in a competitive market has following cost of production: TC=2Q^3 - 4Q^2 + 10Q +500. For what range of prices will the firm chose to produce zero output in the short run?
Derive the differential equations that describe the motion : Derive the differential equations that describe the motion of the system. Express the system in state space form with the displacement and velocity of both masses as the system outputs
Determining the transmissions for snowmobiles : Snow Technology produces transmissions for snowmobiles. Because of competitive pressures, the company was making an effort to reduce costs.
What percentage of time is judy idle : What is the probability that an arriving student (just before entering the Administrative Services Office) will find at least one other student waiting in line?

Reviews

Write a Review

Microeconomics Questions & Answers

  1explain why in a perfectly competitive market the firm is

1explain why in a perfectly competitive market the firm is a price taker. why cant the firm choose the price at which

  What is the tax burden to the seller

In what respect is the economic decision to move across international borders an investment decision and what are the "twin" problems of the health care industry as viewed by society? How are they related?

  Explain this pricing behaviour

Although there is relatively little difference in the cost of producing hardcover and paperback books, these books sell for very different prices. Explain this pricing behaviour.

  Determine the best way for the manager to make the purchase

The manager at Sherwin -Williams store has decided to purchase a new $30,000 paint-mixing with hi-tech instrumentation for matching color and other components. The machine may be paid for in one of two ways:

  Consider an economy in which the labor market is competitive

Assume that the price of the consumption good (denote it by P) is exogenously given and equal to 2. Use W to denote the hourly nominal wage in the economy

  Are parameter estimates a b and c statistically significant

the chief economist for argus corporation a large appliance manufacturer estimated the firms short-run cost function

  Find out what this would mean to choice of quantity and

suppose that population growth expands the quality frontier of a newhouse utility-maximizing nonprofit hospital.

  Examine competitive environment to determine corporations

choose an industry you have not yet written about in this course and one publicly traded corporation within that

  How do the concepts of microeconomics help

How do the concepts of microeconomics help

  Construct a trigger strategy

What is the Cournot Solution in a market of 2 firms with zero costs when P=200-10Q. Construct a “trigger” strategy that can support the collusive outcome;

  Solving various pricing questions

As part of the preparations for the arrival of a hurricane, NC residents sought to buy electricity generators. As a result, you expect that in NC

  What term is used to refer to costs incurred by principals

1. Which of the following statements is/are consistent with publicly traded companies 2. In the context of the agent-principal problem, what term is used to refer to the costs incurred by principals to attempt to ensure that their agents are actin..

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