2. ABC Manufacturing has provided you with their demand function Qd = 2000-2p and supply function Qs = 60+5p, please answer the following questions: a. What is the company’s marginal revenue function? b. At level of output is profits maximized? c. At what price is profits maximized? d. What is total revenue at the profit maximization level of output?
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- A firm produces a steel bar. When the price of the steel bar is $ 30,000, the quantity demanded is 8 metric tons, a 100% change in the price would change the quantity demanded by 25%. REQUIRED: A. What is the total revenue function of the firm? (Use the variable Q for the quantity and the variable TR for the total revenue B. What is the price function of demand of the firm? C. How much would be the maximum total revenue of the firm? D. At what price should the firm sell its product to maximize its total revenue? F. What is the marginal revenue function of the firm? (Use the variable Q for the quantity and the variable MR for the marginal revenue G. At what production output should the firm produce to maximize its total revenue? H. What is the demand function of the firm? (Use the variable Q for the quantity demanded and the variable P for the priceDescribe the difference between average revenue and marginal revenue. Why are both of these revenue measures important to a profit-maximizing firm? Explain how a firm in a competitive market identifies the profit-maximizing level of production. When should the firm raise production, and when should the firm lower production?3. The equation of the monthly demand for cabin bags is given by: 45-p= 0'5q and the monthly average cost function is: Cme(q) = q²-39'50q+120+¹25, where p ≤ 45 is the unit price and q are the number of units sold. 3.1 What are the price and quantity that maximize the total profit? How much is this profit? 3.2 Calculate the marginal income (revenue) of the 20th unit using marginal income (revenue) and compare it to the actual additional income. 3.3 Calculate the price elasticity of demand for the quantity that maximizes profit and interpret the result obtained.
- A firm faces the following average revenue (demand) curve:P = 120 − 0.02Qwhere Q is weekly production and P is price, measured in cents per unit. The firm’s costfunction is given by C = 60Q + 25,000. Assume that the firm maximizes profits.i. What is the level of production, price, and total profit per week?ii. If the government decides to levy a tax of 14 cents per unit on this product, what will be thenew level of production, price, and profit?b. The United States currently imports all of its coffee. The annual demand for coffee by U.S.consumers is given by the demand curve Q = 250 – 10P, where Q is quantity (in millions ofpounds) and P is the market price per pound of coffee. World producers can harvest and shipcoffee to U.S. distributors at a constant marginal (= average) cost of $8 per pound. U.S.distributors can in turn distribute coffee for a constant $2 per pound. The U.S. coffee market iscompetitive. Congress is considering a tariff on coffee imports of $2 per pound.i. If there…E.g.1: A demand function is given by the equation P = 24 6lnQ ➤ Find the equation of TR (total revenue) and determine for which value of Q is TR maximised. Find MR (marginal revenue) as a function of Q Show that MR is a positive decreasing, concave up function.Solve for the following questions: a. what is the marginal revenue when the firm increases output from 4 to 5? b. what is the marginal revenue when the firm increases the output from 5 to 6? c. what is the marginal cost when the firm increases the output from 4 to 5?
- A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold? Microeconomics - Mankiwa. A firm faces the following average revenue (demand) curve:P = 120 − 0.02Qwhere Q is weekly production and P is price, measured in cents per unit. The firm’s cost function is given by C = 60Q + 25,000. Assume that the firm maximizes profits. i. What is the level of production, price, and total profit per week?ii. If the government decides to levy a tax of 14 cents per unit on this product, what will be the new level of production, price, and profit?PART. Use the following information to answer all questions: the demand curve D(x)=-x² +8x+9, the cost function C(x)=x² + 4x +30, and the supply curve S(x)=x²-8x+66, where x is in thousands of units and D(x) is in hundreds of dollars. 1. Find the Revenue Function 2. Find the Profit Function. 3. Find the number of units required to maximize the profit. 4. Find the price to charge to maximize profit.
- A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $200. What is its profit? What is its marginal cost? What is its average variable cost?Should a company produce more goods when marginal revenue is greater than marginal costs? Explain.2. Suppose a firm faces demand of Q = 300 – 2P and has a total cost curve of TC = 75Q + Q². a. What is the firm's marginal revenue? b. What is the firm's marginal cost? c. Find the firm's profit-maximizing quantity where MR= MC. d. Find the firm's profit-maximizing price and profit.