Question

if the marginal cost of a firm is MC = 9q^2 + 2q +1 and the marginal revenue MR = 60-q. Given that total cost is 3390 when q -10

(a) Derive an expression for total cost

(b) Derive the expression for total revenue

(c) Using the results from (a) and (b) find the total profit function

Answer #1

A firm produces electricity from a coal fired furnace with
marginal cost function of MC= 4+2q, where q is the amount of
electricity produced. There are adverse health and environmental
costs from burning coal. you do a study and find that each unit of
electricity produced form coal leads to $1 worth of heath costs to
society and $.50 of other environmental costs to society.
a) what is the formal for marginal private cost?
b)what is the formula for marginal...

A monopoly firm having following cost and revenue curves for
the prices of 0,10,20,30,40,45,0
MC = 1 + 2Q
AC=10+ 6 / Q
Q = 100 - 2P
MR= 50-Q
Graph all the curves on the same axis
and find the optimal level of output and prices. Calculate the
profit or loss of the firm.

The market demand curve is P = 90 − 2Q, and each firm’s total
cost function is
C = 100 + 2q2.
Suppose there is only one firm in the market. Find the
market
price, quantity, and the firm’s profit.
Show the equilibrium on a diagram, depicting the demand function
D (with the vertical and horizontal intercepts), the marginal
revenue function MR, and the marginal cost function MC. On the same
diagram, mark the optimal price P, the quantity Q,...

Your hospital has a demand function given by P = 404 - 2Q where
P is the price of hospital care and Q is the quantity of hospital
care. The marginal revenue (MR) function is given by MR = 404 – 4Q.
The total cost function (TC) is given by TC = 300 + 4Q +
8Q2 and the marginal cost (MC) is given by MC = 4 +
16Q.
Find the total revenue (TR) function which is a function...

Q) Perfect Competition
Demand: P=$4
Marginal revenue: MR = $4
Average total cost: ATC = 2/Q + Q
Marginal cost :MC = 2Q
Draw a graph showing MC. MR, demand, and ATC. Illustrate this
firm's revenue, cost, and profit in your graph. Then, Explain why
the demand is perfectly elastic in a perfectly competitive
marker.

A perfectly competitive firm has the following total cost and
marginal cost functions:
TC = 100 +
10q – q2 + (1/3)q3
MC =
q2 – 2q +10
a) For quantities
from 0 to 10 determine: TC, TFC, TVC, and MC.
b) For quantities
from 0 to 10 determine: ATC, AFC, and AVC.
c) Assume P (MR)
equals 45. For quantities from 0 to 10 determine: TR and
profit.
d) At what quantity is
profit maximized?...

A firms demand function for a good is given by P = 107-2Q and
their total cost function is given by TC = 200+3Q. (using for 6.1
to 6.4)
6.1 Obtain an expression for total revenue (price X quantity)
in terms of Q
6.2 For what values of Q does the firm breakeven?
6.3 Illustrate the answer to (ii) using sketches of the total
cost function, the total revenue function and the profit
function
6.4 From the graph estimate the...

Question # 4
a. Evaluate Lim x →6 x^2 - 36/x^2 + 5x - 6
b. the demand curve of a firm is p = -10q + 5900 and its average
cost is A (q) = 2q^2 - 4q + 140 + 845/q. where q is the firm's
output produced and sold.
1. derive an expression for the total revenue of the firm
ii. derive an expression for the firm's total profit
function
iii. derive an expression for the rate...

The following equations describe the monopolist’s demand,
marginal revenue, total cost and marginal cost:
Demand: Qd = 12 – 0.25P | Marginal Revenue: MR = 48 – 8Q | Total
Cost: TC = 2Q^2 | Marginal Cost: MC = 4Q
Where Q is quantity and P is the price measured in dollars.
a) What is the profit maximizing monopoly’s quantity and
price?
b) At that point, calculate the price elasticity of demand. What
does the value imply?
c) Does this...

Cost, revenue, and profit are in dollars and x is the number of
units. A firm knows that its marginal cost for a product is MC = 3x
+ 30, that its marginal revenue is MR = 70 − 5x, and that the cost
of production of 60 units is $7,380. (a) Find the optimal level of
production. units (b) Find the profit function. P(x) = (c) Find the
profit or loss at the optimal level. There is a of...

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