Question

1. Given the following equations: BQ=1000+15Q-3Q2 AND CQ=500+15Q

Find the following:

1. Total Net Benefit
2. Marginal Benefit
3. Marginal Cost
4. Marginal Net Benefit
5. Fixed Cost
6. Variable Cost

Solve for:

1. Marginal Benefit at Q=5
2. Marginal Net Benefit at Q=5
3. How much should the firm produce to maximize total net benefit?

2. Given the following equations:TR(X)=60+10X-2X2 AND CQ=20+9X

Find the following:

1. Profit
2. Marginal Revenue
3. Marginal Cost
4. Marginal Profit
5. Fixed Cost
6. Variable Cost

Solve for:

1. Total Revenue at X=10
2. Marginal Revenue at X=10
3. Total Cost at X=10
4. Marginal Cost at X=10
5. How many units should the firm produce to maximize profits?

Answer 1