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1. Demand and Costs. Assume you are faced with the following demand curve,
P = 20-0.5Q
Where P is the dollar price per unit and Q is the number of units sold per month, and Q must be
2 or more.
a. Write the expression (definition) for this firm’s Total Revenue (TR)
b. Write the expression for this firm’s marginal revenue (MR).
c. What is Q when the P is zero?
d. What is P when the Q is zero?
e. Profit maximization occurs where MR=MC. If MC=$10 what is the profit maximizing level
of Q and P?
f. As a business owner, you are thinking about lowering the price of this product. If you
lower the price by 10% from your answer in e., will your TR rise or fall?
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- (b) You are the CEO for a lightweight compasses manufacturer. The demand function for the lightweight compasses is given by p = 40 – 4q²where q is the number of lightweight compasses produced in millions. It costs the company $15 to make a lightweight compass. (i) Write an equation giving profit as a function of the number of lightweight compasses produced. (ii) At the moment the company produces 2 million lightweight compasses and makes a profit of $18,000,000, but you would like to reduce production. What smaller number of lightweight compasses could the company produce to yield the same profit? Problem зThe folowing diagram shows the curves for perceived demand, marginal revenue, and cost for Manuela's Pizza, which serves Mexican-style pizza. Manuela's is one of many other fast food restaurants in this town. MC Price and Cost ATC Demand Quantity of piezas Which statement describes the transibon to the long nun? Select the best answer. O More fast food restaurants will enter the market, and Manuela's demand curve will become more elastic. Manuela's will raise its prices since there is a large demand for its pizzas. O More fast food restaurants will enter the market, and Manuela's demand curve will become more inelastic. Manuela's will experience lower costs of production because it will expand its output.Suppose that the manager of a donut shop tellsyou that he sold 220 donuts today, for a total revenue of $220 and average revenue of $0.90. What’swrong with this story?
- PRICE (Dollars per cupcake) 4.00 3.50 1.00 2.50 2.00 1.50 1.00 0.50 0 MC D ATC MR Demand 0.5 1.0 1.5 20 25 30 35 40 QUANTITY (Thousands of cupcakes) At the profit-maximizing output and price, the shop's profit is equal to Given the profit-maximizing choice of output and price, there are Profit Maximizing Outcome Profit Loss 2 (Hint: Be sure to enter a minus sign if profit is negative.) shops in the industry than there would be in long-run equilibrium.Don't use chatgpt or any AI A profit-maximising firm in a competitive market is currently producing 1,000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $10,000. a) What is its profit? b) What is its marginal cost? c) What is its average variable cost? Is the efficient scale of the firm more than, less than or exactly 1,000 units?6. A-One bakery in Brampton sells 350 fruit cakes slices each month for $3.25 each. They are looking for help to come up with a strategy to increase revenue. A student from our school who works their part time conducts a survey. The results of the survey indicate that sales of the fruit cake slices would increase by 80 per month for each $0.10 decrease in price. c. Determine the marginal revenue from the sales of 200 slices of fruit cake. d. The cost of producing x fruit cake slices is C(x) = -0.0005x² + 1.5x + 300. Determine the marginal cost of producing 200 fruit cake slices.
- Entry, Exit, and Long Run Profitability - Work It Out Suppose the accompanying graph shows the market for lattes at the local café in your hometown. a. You notice that the local café charges $4 for a latte. Move the points on the graph to label the profit margin per unit at a price of $4 a latte. Price ($ per latte) 6.0 5.0 4.0 3.0 2.0 1.0 0.0 0 profit margin 275 550 Average cost Demand 825 1,100 1,375 1,650 1,925 2,200 Quantity of lattes b. At a price of $4 per latte, the profit margin per unit is $How do you calculate the revenue of a firm that produces only one good?1.i) Assuming you are the managing director of a firm that produces goods: A,B and C .The price elasticity of demand for A is 1.2, for B it is 1.oo and C is 0.75. It is known that he's firm is experiencing serious cash flow problems and you have to increase total revenue as soon as possible. If you were in a position to set the prices for these goods, what would be your pricing strategy for each product ii) price falls from N$ 16 to N$ 12 per bottle and demand rises from 200 to 300 per bottle.calculate the PED using midpoint formula Output prices average (total)cost Total cost marginal cost Total profit/loss 10 10 -108 20 10 4 -48 30 10 5 3 40 10 6.20 40 50 10 8 60 60 10 10 60 2. i) fill in the gaps ii)in which market structure doess Johnson Electronics (Pty)Ltd operate? iii)what level of output maximizes the firms profit
- 3. Johnny Rockabilly has just finished recording his latest CD. His record company's marketing department determines that the demand for the CD is as follows: Price Number of CDs $24 10 000 22 20 000 20 20 30 000 18 40 000 16 50 000 14 60 000 The company can produce the CD with no fixed cost and a variable cost of $5 per CD. a. Find total revenue for quantity equal to 10 000, 20 000, and so on. What is the marginal revenue for each 10 000 increase in the quantity sold? b. What quantity of CDs would maximize profit? What would be the price? What would be the profit? c. If you were Johnny's agent, what recording fee would you advise Johnny to demand from the record company? Why?Help me1. Table: Consider the following information for a firm Q P A. MR TR 9.50 9.00 8.50 3 8.00 4 7.50 a. Calculate AR, MR and profit for each quantity? Which type of firm is it? How much should the firm produce to maximize profit b. A student has a monthly budget of $120 to spend on either beer, which cost $6 each, or sodas, which cost $4 each. i. Find out the largest number of beers and the largest number of sodas the student could afford to purchase in one month? ii. After buying 15 sodas, how many beers that the student could afford to purchase in one month? iii. Plot each of the bundles from parts A-C on a graph that measures Beers on the horizontal axis and sodas on the vertical; connect the dots. iv. Show what happens to the budget constraint if the price of sodas rises to = $5 per soda.