Reference no: EM132543305
You are a manager of a monopolistically competitive firm with a demand of Q = 630 - 3P, a total cost function of C(Q) = 25,000 + 10Q.
What is the profit-maximizing output level (the optimal amount for your firm to produce)?
Refer to the monoplisitically competitive firm above.
What is the optimal price (profit-maximizing) for your firm to charge for its product?
Refer to your answers above.
What is the profit or loss from producing at the optimal level and charging the optimal price?
Refer to your answers above.
At the optimal price and quantity combination, what is your firm's marginal revenue?
Refer to your answers above.
If your firm's advertising elasticity is 0.02, what is the optimal amount for you to advertise?
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: You are a manager of a monopolistically competitive firm with a demand of Q = 630 - 3P, a total cost function of C(Q) = 25,000 + 10Q.
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