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The demand for a product is p = 70-0.7x where x is the quantity for the item sold at $p dollars per piece. Determine the revenue function and the domain of the function. Include a full explanation of how you found the revenue function. What price should the company charge to obtain the largest revenue? Explain how you determined this price. You must use calculus techniques in solving for this price. What is the maximum revenue? Find the marginal revenue function. Find the marginal revenue function evaluated at x= 20. Explain what this value means. Taking into account storage and shipping, it costs p = C(x) = 100 +11.25x dollars to sell x of the product in the season. Find the average cost function and the marginal average cost function. Explain the difference between the two. Find the cost, average cost and marginal average cost for 20 items. Explain the difference in these values. Find the profit function. Explain how you determined this function. What price should the company charge to get the largest seasonal profit? Explain how you determined this price. You must use calculus techniques in solving for this price. What is the maximum possible seasonal profit? How can you be certain that the profit is maximized? You must use calculus techniques in solving for this price and how you can be certain that the profit is maximized. Explain what this value means By comparing the price you obtained for maximum revenue with the price you obtained for maximum profit, please explain any difference between the two and the reason for the difference.
The following shows the demands and marginal revenue in two markets, 1 and 2, for a price discriminating firm along with total marginal revenue, MRT, and marginal cost MC. Compare the demand conditions in each market; i.e. how do the two markets diff..
The effectiveness of different kinds of incentive systems: moral, material, and coercive.
Assume that the market for wheat is perfectly competitive, with demand curve P = 5000 ? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by T C = 1+Q+Q2 , which results in marginal cost of MC = 1 + 2Q...
A firm that has the long-run cost curves shown in the graph above would be able to do or have the following, except:
Consumers often identify brand names with quality. Do you think branded products usually are of higher quality than generic products and therefore justify their higher prices
Punk-rocker Pete is feeling insecure about his long-term relationship with economist Elaine. At the conclusion of a recent date, he tells Elaine, "I feel that I derive much more utility from this relationship than you." Elaine tells Pete that his cla..
Use the algebraic form of the aggregate demand curve to find the level of GDP that occurs when the money supply is $900 billion and government spending is $1200 billion. Repeat all the previous calculations if government spending increased to $1300 b..
The opportunity cost of producing capital is. A marginal revenue product curve shows the change in. Vertical integration has no effect on the internal organization of a firm; it only affects the outside markets. Publications such as Consumer Reports ..
How do the topics in Inequality for All affect students? Which topic in particular seems the most urgent/important to your audience, and what do you want to persuade them to think about it?
In the market for tacos, explain the impact on the demand curve, supply curve, or both. If the market started in equilibrium, determine if the new market equilibrium price and quantity are above, below, or indeterminate with respect to the starting e..
Explain why you would expect to see active secondary markets where shippers trade capacity and why it is efficient to allow such markets.
For the next five questions, consider a monopolist. Suppose the monopolist faces the following demand curve: P = 180 - 4Q. Marginal cost of production I is constant and equal to $20, and there are no fixed costs. What is the monopolist's profit maxim..
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