Question

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 $ .

Answer #1

Total revenue is in dollars and x is the number of
units.
Suppose that in a monopoly market, the demand function for a
product is given by
p = 450 − 0.1x
where x is the number of units and p is the
price in dollars.
(a) Find the total revenue from the sale of 500 units.
$
(b) Find the marginal revenue MR at 500 units.
MR = $
Interpret this value.
The 501st unit will lose |MR| dollars...

The weekly demand function for x units of a product
sold by only one firm is p = 400 − 1/2x dollars, and the average
cost of production and sale is
C = 100 + 2x dollars.
(a) Find the quantity that will maximize profit.
units
(b) Find the selling price at this optimal quantity.
$ per unit
(c) What is the maximum profit?
$
The weekly demand function for x units of a product sold by only
one firm is...

The weekly demand function for x units of a product
sold by only one firm is
p = 300 −
1
2
x dollars,
and the average cost of production and sale is
C = 200 + 2x dollars.
(a) Find the quantity that will maximize profit.
units
(b) Find the selling price at this optimal quantity.
$ per unit
(c) What is the maximum profit?

The weekly demand function for x units of a product
sold by only one firm is
p = 600 −1/2x dollars
,
and the average cost of production and sale is
C = 300 + 2x dollars.
(a) Find the quantity that will maximize profit.
units
(b) Find the selling price at this optimal quantity.
$ per unit
(c) What is the maximum profit?
$

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.

1. In this problem, p and C are in dollars and
x is the number of units.
A monopoly has a total cost function
C = 1000 + 216x + 0x2 for
its product, which has demand function p = 648 ?
3x ? 2x2.
Find the consumer's surplus at the point where the monopoly has
maximum profit. (Round your answer to the nearest cent.)
2. In this problem, p is in dollars and x is
the number of units....

7. A furniture company is faced with the following the
price-demand function, revenue function, and cost function:
p(x) = 90 - 5x
R(x) = xp(x)
C(x) = 250 + 15x
where p(x) is the price in dollars at which x hundred chairs can be
sold and R(x) and C(x) are in thousands of dollars.
(a) Give the revenue R for producing 1200 chairs.
(b) Find the production level that gives the break-even
point.
(c) Find the production level that gives...

The revenue and cost functions for a particular product are
given below. The cost and revenue are given in dollars, and
x represents the number of units .
R(x) = −0.2x2 + 146x
C(x) = 66x + 7980
(a) How many items must be sold to maximize the revenue?
(b) What is the maximum revenue?
(c) Find the profit function.
P(x) =
−.2x2+212x+7980
(d) How many items must be sold to maximize the profit?
(e) What is the maximum profit?...

Suppose a product has a marginal revenue MR=150 and a marginal
cost MC=x+40, with a fixed cost of $500. How many units will give
you a maximum profit and what is the maximum profit?

Which of the following statements is true about profit, revenue
and cost?
A.
In economics, π means “profit”.
B.
Profit equals to revenue minus cost.
C.
π = R – C
D.
All above are true.
0.4 points
QUESTION 2
The relationship between quantity of input and total quantity of
output is _____________
A.
Production function.
B.
Total cost function.
C.
Total revenue curve.
D.
Marginal production curve.
0.4 points
QUESTION 3
Which of the following statements is...

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