Reference no: EM131324866
The Lumins Lamp Company, a producer of old-style oil lamps, estimated the following demand function for its product:
Q = 120,000 - 10,000P
where Q is the quantity demanded per year and P is the price per lamp. The firm's fixed costs are $12,000 and variable costs are $1.50 per lamp.
a. Write an equation for the total revenue (TR) function in terms of Q.
b. Specify the marginal revenue function.
c. Write an equation for the total cost (TC) function in terms of Q.
d. Specify the marginal cost function.
e. Write an equation for total profits (π) in terms of Q. At what level of output (Q) are total profits maximized? What price will be charged? What are total profits at this output level?
f. Check your answers in Part (e) by equating the marginal revenue and marginal cost functions, determined in Parts (b) and (d), and solving for Q.
g. What model of market pricing behavior has been assumed in this problem?
|
Chromatin immunoprecipitation experiment
: In one chromatin immunoprecipitation experiment, yeast growing on galactose were lysed, and subjected to cross-linking reagents which cross-linked transcription factors to DNA.
|
|
Describe specific elements of the works from chosen artist
: Choose two (2) of the following late 20th century African-American artists, and compare and contrast their art: Bearden, Lawrence, Basquiat, or Colescott. Describe specific elements of the works from the chosen artists that represent the multiplic..
|
|
What is the marginal revenue function for ajax
: Given Ajax's pricing strategy, what is the marginal revenue function for Ajax?
|
|
What is the internet of things
: Answer these questions: What is the Internet of Things? How will it benefit individuals, businesses, and society? Support your views with one or two examples.Recommend one or two actions that society can take to determine the costs of expanding ne..
|
|
Specify the marginal revenue function
: Check your answers in Part (e) by equating the marginal revenue and marginal cost functions, determined in Parts (b) and (d), and solving for Q.
|
|
Demonstrate personal passion for your position
: Imagine that you are running for a state office and you have to prepare a position paper for a debate on controversial issues in the news.You will want your position paper to demonstrate critical thinking, sound logic, valid claims, personal passi..
|
|
Determine the single most paramount consideration
: Propose three actions that IT professionals should undertake in order to successfully achieve the Top Ten. Determine the single most paramount consideration, and justify your selection.
|
|
What is the key step in spermatogenesis
: What is the key step in spermatogenesis that allows for unlimited sperm production? This step is not present in oogenesis, and therefore only a finite number of eggs could be produced.
|
|
Write a one page response - film gandhi
: Select one film to watch and write a one page response over it, relating it to themes of global history discussed in class. Gandhi (1982) and The African Queen (1951)
|