User Account

All Pages

How many units should the firm produce to maximize profit

Assignment Help Business Management
Reference no: EM13915152

1. Assume that a competitive firm has the total cost function:

TC = 1q3 - 40q2 + 890q + 1800

Suppose the price of the firm's output (sold in integer units) is $600 per unit.

Using tables (but not calculus) to find a solution, what is the total profit at the optimal output level?

Please specify your answer as an integer.

2. Assume that a competitive firm has the total cost function:

TC = 1q3 - 40q2 + 880q + 2000

Suppose the price of the firm's output (sold in integer units) is $550 per unit.

Using calculus and formulas (but no tables and restricting your use of spreadsheets to implementing the quadratic formula) to find a solution, how many units should the firm produce to maximize profit?

Please specify your answer as an integer.

3. Suppose a competitive firm has as its total cost function:

TC = 17 + 2q2

Suppose the firm's output can be sold (in integer units) at $57 per unit.

Using calculus and formulas (but no tables or spreadsheets) to find a solution, how many units should the firm produce to maximize profit?

Please specify your answer as an integer. In the case of equal profit from rounding up and down for a non-integer initial solution quantity, enter the higher quantity.

4. Assume that the demand curve D(p) given below is the market demand for apples:

Q = D(p) = 280 - 13p, p > 0

Let the market supply of apples by given by:

Q = S(p) = 44 + 5p, p > 0

where p is the price (in dollars) and Q is the quantity. The functions D(p) and S(p) give the number of bushels (in thousands) demanded and supplied.

What is the equilibrium quantity in this market?

Round the equilibrium price to the nearest cent and round the equilibrium quantity DOWN to its integer part.

5. The demand curve for tickets at an amusement park is:

Q = D(p) = 1200 - 49p, p > 0

The marginal cost of serving a customer is $18.

Using calculus and formulas (but no tables or spreadsheets) to find a solution, how many tickets will be sold at the profit-maximizing price?

Round the equilibrium quantity DOWN to its integer part and round the equilibrium price to the nearest cent.

6. Assume that the demand curve D(p) given below is the market demand for apples:

Q = D(p) = 280 - 13p, p > 0

Let the market supply of apples by given by:

Q = S(p) = 44 + 5p, p > 0

where p is the price (in dollars) and Q is the quantity. The functions D(p) and S(p) give the number of bushels (in thousands) demanded and supplied.

What is the equilibrium quantity in this market?

Round the equilibrium price to the nearest cent and round the equilibrium quantity DOWN to its integer part.

Reference no: EM13915152

Questions Cloud

Write out the electron configurations of the ions : Write out the electron configurations of the ions below and determine which one is listed with an incorrect charge. (the numbers and charges written after the elemental symbol should be understood as superscripts)
Calculate cost of goods available for sale inventory in unit : Determine cost of goods available for sale and ending inventory in units. Then determine the costs that should be assigned to cost of goods sold and ending inventory under each of the following assumptions.
Demski company pays its employees : Demski Company pays its employees on the 1st and 15th of each month. It is March 31 and Demski is preparing financial statements for this quarter.
Help promote fundamental business improvement : Riordan Manufacturing's management team has identified a number of different areas of opportunity to help promote fundamental business improvement. Team C has been tasked with the duty of performing consultation work to help firm up some of the v..
How many units should the firm produce to maximize profit : Using calculus and formulas (but no tables and restricting your use of spreadsheets to implementing the quadratic formula) to find a solution, how many units should the firm produce to maximize profit?
Statement of cash flows : A machine with a cost of $156,000, current year depreciation expense of $23,500 and accumulated depreciation of $98,000 is sold for $50,400 cash. The amount(s) that should be reported in the operating section of the statement of cash flows is:
How many minutes do you spend exercising each day : Your specific assignment for this week is to select one type of quantitative health datum to collect from your own life. Some examples of data to collect could be: How many minutes do you spend exercising each day
Global warming-cause and mitigation : Compare and contrast natural versus anthropogenic climate changes. Include specific examples of each.
Model of perfect competition : 1. Which of the following industries comes closest to the model of perfect competition?

Reviews

Write a Review

Business Management Questions & Answers

  Explanation of the key internal structures

explanation of the key internal structures

  The bp oil spill the challenges aheadexplain what is your

the bp oil spill the challenges aheadexplain what is your interpretation of what happened in the bp oil spill and how

  E-commerce marketing plan for the e-commerce website

E-Commerce Marketing Plan for the e-commerce website your choice for Marketing Plan can be a real company or one you make for purpose of assignment.

  Case study on carolcon metals

Carolcon Metals in Minnesota is in trouble. For the past 5 years, they have been losing ground to the competition in an especially fierce industry. All competitors have moved mining and production facilities to countries with lower wages and fewer..

  Research the environment surrounding the company

For this assignment, you are to research the environment surrounding the company of your choice, both at the macro- as well at the micro-level. For the external environment, the following two analyses should be performed

  Illustrate what is the minimum range sample

Assuming that s = 0.15% cannot be reduced and a sample size of n = 64, illustrate what is the minimum range within which the sample average failure rate must be found to justify with 95% confidence the advertised failure rate of 0.5%?

  Compute the value of the test statistic

Compute the value of the test statistic F where the standard deviation for the example selected from one population is 17.75 as well as the standard deviation from the sample

  Extended to permit them to build their competitive advantage

Extended to permit them to build their competitive advantage and Extended thus that they can recoup development costs.

  Describe how businesses can act responsibility to satisfy

Describe how businesses can act responsibility to satisfy society

  Size of management''s error

Why do you think that Lauren's colleague said, "I wouldn't want to be the one to deliver the message...?" Isn't it in top management's best interest to know the truth?

  Prepare intercultural skills in a business environment

Intercultural Communication In The Global Workplace - Expalin reasons why it is important to understand and prepare intercultural skills in a business environment

  Organizational behavior management

Read the case study, Improving Responses to Medical Errors with Organizational Behavior Management, in Chapter 4 of your course text. In a three-to five-page double-spaced paper (excluding title and reference pages) address the following:

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