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A: The above given problem is solved as follows:
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- A firm sells its product i two different markets. the inverse demand in market A is PA=72-5QA & in market B, it is PB=60-3QB.it has fixed cost of 72.each unit it produces costs 12 that is marginal cost equals 12.to maximize profits, what quantities of output will be sold in each market & what will total profits be?A publisher has the following table of demand for the next novel by one of its famous authors: Price Number of novel in demand 100 0 90 1 80 2 70 3 60 4 50 5 40 6 30 7 20 8 10 9 0 10 The author is paid $2 to write the book (Fixed Cost or FC) and the marginal cost (MC) of publishing it is a constant $10 per book. a) Calculate the total revenue, total cost, and corresponding profits for each quantity. What quantity would a profit-maximizing publisher choose? What price would he set? b) Calculate marginal revenue. How does marginal revenue compare to price? Explain. c) Plot the marginal revenue (MR), marginal cost (MC), and demand (D) curves. At what quantity do the marginal revenue and marginal cost curves intersect? What does this mean? d) Obtain the economic profits (EP) of this monopolist and graph.Save & Exit Certify Lesson: 3.1 Product and Quotient Rules Question 12 of 15, Step 1 of 1 (9)/(15) Correct The demand function for a particular item is D(x)=(100)/(3x+7). Find the marginal revenue when x=3. Round your answer to the nearest cent. Answer
- Question 8 You are given the following information about the market for Birkin Bags: The formula for Demand is as follows: Qd: 400,000-10*P. It's Cost Function is 20,000,000 + 600Q Questions: (1) What is the price (P) where REVENUE is maximized? (2) What is the price (P) that maximizes PROFITS? (3) What is the QUANTITY (Q) that maximizes profits at that price? (4) What are TOTAL PROFITS at that price?When marginal revenue is positive, demand is: O unit elastic. O elastic. inelastic. O There is not sufficient information to classify the elasticity of demand.30. Maximizing profit. Raggs, Ltd., a clothing firm, determines that in order to sell x suits, the price per suit must be p = 150 - 0.5x. It also determines that the total cost of producing x suits is given by C(x) = 4000 + 0.25x?. a) Find the total revenue, R(x). b) Find the total profit, P(x). c) How many suits must the company produce and sell in order to maximize profit? d) What is the maximum profit? e) What price per suit must be charged in order to maximize profit?
- Figure 2 Revenue, Costs 40 38, 30 26 60 100 130 MC ATC AVC Q MR=50The demand equation of a product is p=100/q+10. Find the marginal revenue when q=10.A firm faces the total revenue schedule TR = 600q - 0.5q2i) What is the marginal revenue when q is 100?ii) When is the total revenue at its maximum?iii) What price should the firm charge to achieve this maximum TR?
- Given the level of demand below, what is the marginal revenue of the first unit of production? Price Quantity 25 1 22 2 18 3 15 4 12 5 Group of answer choices $12 $10 $6 $25M10. A theatre charges 12$ per tickets for musical shows. Average attendance at these shows is 16,000. However, last year they charged 13$ and the average attendances were 13,5000. Required Assuming attendance to be purely price dependent. What is demand function for the theatre?A company is the sole producer of holographic TVs. The daily demand for these TVs is Q=10,200 - 100P, where Q is the quantity demanded and P is the price. The cost of producing the TVs is (note that this implies that marginal cost is equal to Q, MC = Q). What is the company’s total revenue schedule? What is the company’s marginal revenue schedule? What is the profit maximising number of TVs that the company must produce each day? What price should it charge per TV? What is the daily profit?