Question

The Pampered Pig, purveyors of premium pork products, estimate that the total cost of producing ?q...

The Pampered Pig, purveyors of premium pork products, estimate that the total cost of producing ?q pounds of their Premier Pork Packed Potatoes is estimated by the function

C(q) = q^2 + 4q + 100

and

p(q) = 100 - 2q

is the price at which all units of their premier pork packed potatoes will be sold.

a. Find the revenue function.

b. Find the profit function.

c. Find the marginal revenue function.

d. Find the marginal cost function.

e. Find the quantity q at which profit is maximized.

f. Find the average cost A(q).

g. Find the level of production at which A(q) is minimized.

Math   Calculus   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

This is the proper solution of your question.

If you have any doubt regarding this question you can ask me in the comment section.

Thank you.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose the cost of producing q unit is c(q)=500-4q+q2 and the demand function is given by...
Suppose the cost of producing q unit is c(q)=500-4q+q2 and the demand function is given by p=14-2q A) Develop the total revenue, total cost (if not given), and profit functions. Explain these functions in few sentences. B) Compute the point elasticity of demand. C) Find the intervals where the demand is inelastic, elastic, and the price for which the demand is unit elastic. D) Find the quantity that maximizes the total revenue and the corresponding price. Interpret your result. E)...
Consider a firm with the demand function P(Q)=(50-2Q), and the total cost function TC(Q)=10,000+10Q. Find the...
Consider a firm with the demand function P(Q)=(50-2Q), and the total cost function TC(Q)=10,000+10Q. Find the profit maximizing quantity. Calculate the profit maximizing price (or the market price). Hint: MR(Q)=(50-4Q),
The demand for product Q is given by Q = 136 -.4P and the total cost...
The demand for product Q is given by Q = 136 -.4P and the total cost of Q by: STC = 3000 + 40Q - 5Q^2 + 1/3Q^3 A. Find the price function and then the TR function. See Assignment 3 or 4 for an example. B. Write the MR and MC functions below. Remember: MR = dTR/dQ and MC = dSTC/dQ. See Assignment 5 for a review of derivatives. C.What positive value of Q will maximize total profit?  Remember, letting...
The revenue from selling q items is R(q)=650q−q^2, and the total cost is C(q)=100+11q. Write a...
The revenue from selling q items is R(q)=650q−q^2, and the total cost is C(q)=100+11q. Write a function that gives the total profit earned, and find the quantity which maximizes the profit. Profit π(q)= Quantity maximizing profit q=
The following equations describe the monopolist’s demand, marginal revenue, total cost and marginal cost: Demand: Qd...
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...
A firm is considering entering a market where demand for its product is Q = 100...
A firm is considering entering a market where demand for its product is Q = 100 - P. This demand function implies that the firm’s marginal revenue function is MR = 100 - 2Q. The firm’s total cost of producing the product for that market is TC = 860 + 20Q + Q2 which indicates that its marginal cost function is MC = 20 + 2Q. Calculate the firm’s profit and hence indicate whether or not the firm should enter...
The market demand curve is P = 90 − 2Q, and each firm’s total cost function...
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,...
A firms demand function for a good is given by P = 107-2Q and their total...
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...
Consider the following total cost function for an individual firm: C(q) = 10+ q + (1/4)q^2...
Consider the following total cost function for an individual firm: C(q) = 10+ q + (1/4)q^2 The industry demand is estimated to be: Q = 100 - P 1) Now suppose there is a monopolist facing the industry demand. Write down the monopolist's pro t function. 2) What is the equation of the monopolists marginal revenue function? Also, explain how the monopolist's marginal revenue function differs from the marginal revenue function of a firm in a long-run perfectly competitive market....
Monopolistically competitive firm with a demand of Q = 630 – 3P a total cost function...
Monopolistically competitive firm with a demand of Q = 630 – 3P a total cost function of C(Q) = 25,000 + 10Q. 1. What is the profit-maximizing output level 2. What is the profit or loss from producing at the optimal level and charging the optimal price 3. At the optimal price and quantity combination, what is your firm's marginal revenue 4. If your firm's advertising elasticity is 0.02, what is the optimal amount for you to advertise
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT