User Account

All Pages

What is the marginal cost function

Assignment Help Business Economics
Reference no: EM133081724

Suppose that a firm in a monopolistically competitive market has a cost function of TC = 100,000 + 200Q

  1. What is the marginal cost function?
  2. If the price elasticity of demand is currently -1.5, what price should the firm charge?
  3. What is the marginal revenue at the price computed in part b)?
  4. If a competitor develops a substitute product and the price elasticity of demand increases to -3.0, what price should the firm now charge?

Reference no: EM133081724

Questions Cloud

Compute the canadian labour force in 2003 : -In 2002, the Canadian working-age population was 24945100. Of these, 15411800 people had a jobs. Of the remainder, 1277600 were looking for work, 415800 wanted
How does the distribution mechanism control the issue : How does the Distribution mechanism control the issue addressed in the artifacts/ expressions content
Find the total revenue generated by sales : Find the total revenue generated by sales in the market at a price of P = 10.
European union competition chief : The European Union Competition Chief said: " We are launching these investigations because we want to be sure that high-tech supplies can compete on the merits
What is the marginal cost function : Suppose that a firm in a monopolistically competitive market has a cost function of TC = 100,000 + 200Q
Price elasticity of demand for air travel : The price elasticity of demand for air travel differs radically from first-class (-3) to unrestricted coach (-4) to restricted discount coach (-9).
How did the concepts and ideas and economics develop : How did the concepts and ideas and economics develop? Are there schools of thought with concepts that directly contradict each other whether from the past to a
Price elasticity of demand for cigarettes at the time : Back in the mid-1990s, the government in the UK announced that for every 10 per cent rise in the price of cigarettes, the demand was likely to fall by 6 per cen
What is the adjusted bank balance at the end of the month : The month-end bank statement shows a balance of P400,000; outstanding checks total P20,000; What is the adjusted bank balance at the end of the month

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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