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Suppose B(Q) = 10Q − 2Q^2 and C(Q) = 2 + Q^2. What value of the managerial control variable, Q,
maximizes net benefits?
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- If Q represents a firm's level of output, W represents the wage paid to labor (L) and R is the cost of capital (K), then which of the following represents the firm's cost function? Multiple Choice a(Q)=(W+R)Q q(Q)= FAQ + vaa qQ=Fc+ vaa OqQ=WL+RKHow does managerial economics help to assess operational issues faced by private business firms.In a fishery the long-run harvest function (harvest volume) isH(E) = aE - bE2, with a, b representing positive constants and E is fishing effort.Total cost is TC(E) = CE, with e being the unit cost of effort.Total revenue is TR(E) = pH(E), with p being the constant price of fish. Find the fishing effort that maximizes sustainable yield (harvest), EMsy.
- In a fishery the long-run harvest function (harvest volume) isH(E) = aE - bE2, with a, b representing positive constants and E is fishing effort.Total cost is TC(E) = CE, with e being the unit cost of effort.Total revenue is TR(E) = pH(E), with p being the constant price of fish. Explain why higher levels of effort (E) beyond a certain point are associated withreductions in long-run total revenue (TR).Conclude whether a multiple-output production process exhibits economies of scope or cost complementarities and explain their significance for managerial decisions.The marginal cost of a company is MC = 100 – 20x + x². 2006 and the fixed cost is 3. The quantity that minimizes the cost is Choose...
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- An entrepreneur invests in a new play. The cost includes an overhead of $29,375 plus production costs of $2100 per performance. A sold-out performance brings in $2725. Assume every performance is sold but, and let x represent the number of sold-out performances. a. Write the cost function, C. C(x) = (Type an expression using x as the variable.) b. Write the revenue function, R. R(x) = (Type an expression using x as the variable.) c. Determine the break-even point. (Type an ordered pair. Do not use commas in large numbers.) Describe what the break-even point means. Select the correct choice below and fill in the answer box to complete your choice. OA. For sold-out performances, both cost and revenue are $Northside Social (NS) sells cups of coffee and amazing breakfast sandwiches. The current price of a cup of coffee is $3.00 and the current price of an amazing breakfast sandwich is $8.00. At those prices, NS sells 1000 cups of coffee and 200 breakfast sandwiches daily. NS faces a constant marginal cost for each cup of coffee of 50 cents and the constant marginal cost of breakfast sandwiches is $2. NS increases the price of coffee 5%, to $3.15. After the price increase, NS sells 900 cups of coffee, a decrease of 10% in cups of coffee. Assuming the above, what if NS also changes the price of breakfast sandwiches from $8 to $10 (a 25% increase in price) and that the number of breakfast sandwiches sold decreases from 200 to 180 (a 10% decrease in quantity). Which of the following is true? A) Coffee profits and breakfast sandwich profits increase.B) Coffee profits decrease by more than breakfast sandwich profits decrease.C) Coffee profits decrease by more than breakfast sandwich profits…Round off your final answer to whole #. A company produces and sells a consumer product and is able to control the demand by varying the selling price. The approximate relationship between price and demand is p=45 + 2700/D - 5000/D2 for D > 1 The company is seeking to maximize its profit. The fixed cost is $1,000 and the variable cost is $38 per unit. What is the number of units that should be produced and sold each month to maximize profit?