User Account

All Pages

Williams charge to perform a nose operation

Assignment Help Business Economics
Reference no: EM131743635

Market Power

Dr. Leona Williams a well known plastic surgeon, has a reputation for being one of the best surgeons for reconstructive nose surgery. Dr. Williams enjoys a rather substantial degree of market power in this market. She has estimated demand for her work to be

Q = 480 - 0.2P

Where Q is the number of nose operations performed monthly and P is the price of a nose operation.

a. What is the inverse demand function for Dr. Williams's services?

b. What is the marginal revenue function?

The average variable cost function for reconstructive nose surgery is estimated to be

AVC = 2Q2 - 15Q + 400

where AVC is the average variable cost (measured in dollars) and Q is the number of operations per month. The doctor's fixed costs each month are $8,000.

c. If the doctor wishes to maximize her profit, how many nose operations should she perform each month?

d. What price should Dr. Williams charge to perform a nose operation?

How much profit does she earn each month?

Reference no: EM131743635

Questions Cloud

Discuss explain the potential negative effects : Explain the potential negative effects this could have upon US producers
Research a company of your choice : Research a company of your choice and determine which of the four quadrants of the BCG Matrix you feel it fits into.
Growing importance of networks : As a result of technology, more and more of us are interacting with and operating within networks than ever before.
Review problem on negligent sterlization : Chaffee performed a partial salpingectomy on Seslar. The purpose of the procedure was to sterilize Seslar, who had already borne four children.
Williams charge to perform a nose operation : Dr. Leona Williams a well known plastic surgeon, has a reputation for being one of the best surgeons for reconstructive nose surgery.
What is the taylor rule : Have Janet Yellen and the FOMC followed the Taylor Rule recently,
Project - Research about the banking sector in the UAE : Economics Project - The project for this term will be for you and your group to research about the banking sector in the U.A.E.
Best option and the return associated with that option : DRAW the decision tree and determine the best option and the return associated with that option.
What is facebook value discipline : Why do approximately 2 billion people spend an average of 30 – 60 minutes a day on Facebook? What do they actually do?

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