Am I doing these questions correctly? 1. Abby's ApplesAbby's Apples is a perfectly competitive firm. Its total cost is:TC = 20 + 4Q²The market price of apples is:P = 5Calculate Abby's profit-maximizing quantity, total revenue, total cost, and total profit (1).P= MCTC=20+Y4Q2dTC%3DTR= P.QmC=daQ*TRTC5.10=S0mc=/2QTC=20+ Yulio)a=451050 4SP=MC5= /aQTT =TR-TQ=1080-4s-52. Banana MarketThe equilibrium market price in the perfectly competitive banana market is:P* = 10The average cost equation of one banana firm, Benny's Bananas, is:AC = 4 + 1/2Q,Find Benny's profit-maximizing output and profit in the short run.te= 4Q+%½Q²→ mc=drc4+QQ* = _bdqp *-10n* = _ 30Pz MC10=41Q- 4tC= 90TR=P.Q= 6 10 = 6060-90 = - 30

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1. Abby's Apples Abby's Apples is a perfectly competitive firm. Its total cost is: TC = 20 + 4Q? The market price of apples is: P = 5 Calculate Abby's profit-maximizing quantity, total revenue, total cost, and total profit (n). T== 20+%4Q2 P= MC dTC TR= P.Q mc= %3D Q* TR TC da ら10=SO 50 4S 5. 10 mC='/2Q P=MC tC=20+ Yulio)2=45 TT=TR-Tし 80-us-5 5=/2Q Q= 10

1. Abby's Apples Abby's Apples is a perfectly competitive firm. Its total cost is: TC = 20 + 4Q? The market price of apples is: P = 5 Calculate Abby's profit-maximizing quantity, total revenue, total cost, and total profit (n). T== 20+%4Q2 P= MC dTC TR= P.Q mc= %3D Q* TR TC da ら10=SO 50 4S 5. 10 mC='/2Q P=MC tC=20+ Yulio)2=45 TT=TR-Tし 80-us-5 5=/2Q Q= 10

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter23: Profit Maximization

Section: Chapter Questions

Problem 11E

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