Q10. Given the supply and demand functions: P = 10 + 2Q, P = 30 – Q Which of these statements are correct? I. The Total Revenue function, TR = 30Q – Q² II. The Marginal Revenue function = 30 – 2Q. A. Both Incorrect. B. I. only correct. D. Both I. & II. Correct. C. II only correct.
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- D)A manufacturer knows that: His TRis given by Revenue = 23Q-Q %3D His total cost of production is; Cost = 36+ 2Q +0.1Q Where Qis the weekly production in thousands I. Economists define MR as the rate of change of Total revenue. Derive an expression for Marginal Revenue (MR) II. How do you think Economists' would define 'Marginal Cost'? Derive an expression for marginal Cost (MC) III. What output will make marginal Revenue equal Marginal cost? IV. What can you deduce? V. Find the total profit and the value of Q that maximizes profit E The costs of production of the firm are composed of K125 in Fixed cost, variable costs of K36 per unit produced and depreciation charges are given by the expression KO.05Q'. Find thelevel of output which would minimize average cost of production per unitThe long-run supply curve for a particular type of kitchen knife is a hori- zontal line at a price of $3 per knife. The demand curve for such a kitchen knife is QD = 50 – 2P where Q₁ is the quantity of knives demanded (in millions per year) and Pis the price per knife (in dollars). a. b. What is the equilibrium output of such knives? If a tax of $1 is imposed on each knife, what is the equilibrium output of such knives? (Assume the tax is collected by the government from the suppliers of knives.)A manufacturer knows that: His TR is given by Revenue = 23Q – Q2 /4 His total cost of production is; Cost = 36 + 2Q + 0.1Q2 Where Q is the weekly production in thousands a) Economists define MR as the rate of change of Total revenue. Derive an expression for Marginal Revenue (MR) b) How do you think Economists’ would define ‘Marginal Cost’? Derive an expression for marginal Cost (MC) and at what output will make marginal Revenue equal Marginal cost? c) Find the total profit and the value of Q that maximizes profit
- Marginal revenue of a product is the incremental revenue of selling an additionalunit of that product. Let, the revenue of selling 20 units of a product beRs. 15,000 and the revenue of selling 21 units of the same product beRs. 15,085. Then, the marginal revenue of selling the 21st unit ________?36) The market demand for a product is Q = 2500 – 400P - 0.11, where P is the price per unit of a product, and I is the average consumer income. If I = $15,000, and P =$1.50, what is the marginal revenue? A. $4. В. $2.5. C. $1.5. D. $0.5. E. None of the above.Dari R es for Shipharah Zurbuchen x Math 148 weekend number 2.pdf x Course Home oweekend%20number%202.pdf 2 / 3 100% +| E O 13) Assume that the price, in dollars, of a sound system is given by 1000 + 1000 q² Where q represents the quantity demanded for the product a) Find the Revenue function R(q) and the marginal revenue function R'(q) b) Find an interpret (write a sentence explaining the meaning) of the marginal revenue when demand is 10 systems Suppose the cost of producing q sound systems is given by the equation C (q) = 0.4q² + 160q + 50 c) Find the profit function, P(q) and the marginal profit function P'(q) d) Find and interpret he marginal profit when the demand is 10 systems ar product are given .
- A manufacturer knows that: His TR is given by Revenue = 23Q – Q2 His total cost of production is; Cost = 36 + 2Q + 0.1Q2 Where Q is the weekly production in thousands a) Economists define MR as the rate of change of Total revenue. Derive an expression for Marginal Revenue (MR) b) How do you think Economists’ would define ‘Marginal Cost’? Derive an expression for marginal Cost (MC) c) What output will make marginal Revenue equal Marginal cost?Define the term cost of revenue?MU₁ MU2 P₁ P2 In words, please describe why this condition must be true. C. As we showed in class, a firm's profit-maximizing production occurs when marginal revenue is equal to marginal cost. 1. Discuss what would happen if the firm is producing at a quantity where MR> MC. What can the firm do to raise profit? Explain your reasoning. 2. Discuss what would happen if the firm is producing at a quantity where MR< MC. What can the firm do to raise profit? Explain your reasoning.
- PROBLEM No 11INTERPRET ALL THE RESULTS!!! Demand equation of a producer is: P = 270 * Q - 2,4 * Q² a) Which is the expression of the TOTAL REVENUE FUNCTION TR b) Which is the expression of the MARGINAL REVENUE MR c) For Q=25 calculate the value of TOTAL REVENUE FUNCTION d) Find the marginal revenue function MR for Q = 15 u. and explain the result found. e) Find the maximum revenue. Max TR PROBLEM No 2INTERPRET ALL THE RESULTS!!! A factory produces two types of products A and B. Their Cost of Production is given by the function: f ( x, y ) = f(x, y) =24*x?--10 x y + 20y2-1008* x -700* y+ 30000 where x and y represent the quantities from each product. Find out the optimal plan for company!)A two Product finm faces the follow- = 40-2P1 demand and Cost function 8- a) Find the output levels that satiaty the 12 demand amd 40-2P,-P2 タ,=35-P、- 8 follow- ng Cont function8 32 Demand function. C%=8it 20+ 10 cost function. a) Find the output levels that sati. order Conditions ythe tor maximum profit. 6)check the 2nd (ondition. Can you conclude that this Problem Posses a Order for sufficient unique maximum) c)What in the maximal profit?A selling price for a product is given by the equation p=$87.5-0.02(D), and the Cv = $15.5,the optimal demand that maximized revenues: O a. $1800 O b. $2187.5 O c. $87.5 O d. Zero