I need answer quickly.. Your food-services company has been named as the sole provider of meals at a small university. The cost and demand schedules are:Sold per Day0100200300400500600700greater than one.Price per Meal$3.50$3.25$3.00$2.75$2.50$2.25$2.00$1.75O one.O infinite.O less than one.impossible to know with the available information.OP3сеP₂.●P4abP₂.O OPofQo-O OP4aQo-O OP₂bQo-TotalFixed CostTABLE 10-2Refer to Table 10-2, and suppose that the firm is a single-price monopolist. At the profit-maximizing level of output, the price elasticity of demand isDollarsSuppose a monopolist faces the demand curve and cost curves shown below.P5wo D$150$150$150$150$150$150$150$150PoTotalVariable Cost0$300$500$650$750$830$905$9950Total Revenue0$325$600QuantityIMCQo Q₁Q₂Q3MR$825$1000$1125$1200$1225ATCDemand9Q5FIGURE 10-4Refer to Figure 10-4. If this single-price monopolist is producing at the profit-maximizing level of output, the total profit is represented by the areaAt the current level of output, long-run marginal cost is $50 and long-run average cost is $75. This implies thatO not enough information to determine the answer.Othere are diseconomics of scale.O there are economics of scale.O there are neither economies of scale nor diseconomies of scale.O there are either economies of scale or diseconomies of scale.When average product is at a maximum,marginal product is equal to AP

sold per day price per meal($) total fixed cost($) total variable cost($) total revenue($) 0 3.50…

Answered: eed answer quickly..

Business

Economics

eed answer quickly..

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter11: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 14CQ

See similar textbooks

Related questions

Q: A steel company is trying to decide between two industrial type cranes. Crane A and Crane B are…

A: In the present worth method, we find the present values of all the cash flows.

Q: Rent controls force landlords to price apartments below the equilibrium price level. An immediate…

A: Lease control, similar to any remaining government-commanded cost controls, is a regulation putting…

Q: Question 1 A. Jamaica Biscuit Company produces 8000 cases of water crackers weekly. Based on the…

A: We use the following formulas: Total Cost = Total Fixed Cost + Total Variable Cost Total Revenue =…

Q: Acme and Tartine are identical bakeries and are the only suppliers of baguettes in San Francisco.…

A: Fixed costs will be costs that don't fluctuate with the amount produced. Models are interest on…

Q: 3 6 12 UNEMPLOYMENT RATE (Percent) 9 15 18 ollowing statements are true based on these graphs? Check…

A: The long run effects of monetary policy: The First graph represents LRAS and AD. In this graph the…

Q: 2. Compare the OC curves of the plans n = 5 and c = 0, 1, at Pa = .95, .50, .10. Plot the AOQ and…

A: Given, n = 5 and c = 0, 1, at Pa = .95, .50, .10 We have to plot AOQ and ATI curves for these plans…

Q: The world exists for one year. The Farmer seeks to maximize her profits. The farmer must choose…

A: Profit maximization refers to the process by which producers or sellers produce the goods at minimum…

Q: According to the Heckscher - Ohlin model, OA. a country gains from trade if its exports have a high…

A: Different types of ideas used to explain international trade are simply referred to as trade…

Q: (Figure: Determining Profit) At price F, which of the following is NOT true for this firm in perfect…

A: Perfect competition:- According to theoretical framework, perfectly competitive exists when all…

Q: Production of good X creates positive externalities to all firms in Boulder. Free competitive…

A: Positive externality occurs when production or consumption creates external benefits to third party…

Q: Problem 2 See the Table below. Wheat Vietnam 25 Mexico 40 Rice 80 20 Answer the following questions:…

A: The number given in table against the two countries and crops represent the labour hours required…

Q: Jane owns a bakery and she wishes to apply quantitative modelling to her small business. She…

A: The present cost at which an item or service may be bought or sold is referred to as the selling…

Q: For each of the following, indicate whether the statement is True, False, or Uncertain, and explain…

A: Since you have provided multiple sub-parts questions, we will solve the first three sub-parts for…

Q: James purchases a $20,000 6-month certificate of deposit. Is this counted in M1 only, M2 only, M1…

A: Answer: Certificate of deposits: it refers to the time deposit. It is a financial instrument that is…

Q: If the fictitious country of Islandia puts all of its production resources into fish, it can produce…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: A. Suppose that the economy is characterized by the following behavioral equations: C = 160+ 0.6 Yd…

Q: A company borrows $25,000 for 3 years at an interest rate of 7%. How much must it repay in a lump…

A: Given: The principal amount is = $25,000 Time period = 3 years The interest rate is = 7% To Find:…

Q: Suppose the untaxed market equilibrium price and quantity in the home computer market are $850 and…

A: In economics, elasticity is a measurement of how one economic variable responds to changes in the…

Q: 2. A person considers the following four criteria for buying a car. The pairwise comparison matrix…

A: The weights are supposed to represent the relative significance of the different products and…

Q: Modified TRUE or FALSE: On the space provided before the number, place TRUE for correct statement…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: hat is the future worth of P 6000.00 deposited at the end of every month for four years if the…

Q: 3. An economy shows the following features Consumption, C = 50 + 0.9Yd Tax Revenue, T = 100…

A: Answer: Given, Consumption, C = 50 + 0.9YdTax Revenue, T = 100Investment, I = 150 – 5iGovernment…

Q: Describe what happens to the economy if there is a positive permanent b. aggregate demand shock.…

A: A demand shock is an unexpected and brief increment or decline in the demand for a decent or a heap…

Q: Alex's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania.…

A: To increase production, price has to reduce. Total revenue is affected by changes in price and…

Q: Question A Suppose the short-run production function is q = 1L0.5. If the marginal cost of…

A: Disclaimer- “Since you have asked multiple question, we will solve the first question for you as per…

Q: Suppose the exchange rate between the U.S. dollar and the British pound changes from 1.226 to 1.234…

A: Answer: The exchange rate between the U.S. dollar and the British pound means the number of dollars…

Q: 007 Quantity 2007 200 O 12 5 200 007 Nominal GDP 50 2015 Quantity 2015 200 20 220 80 2015 Nominal…

A: Nominal GDP estimates a nation's GDP utilizing current costs, without adapting to expansion. Balance…

Q: Suppose the demand for a product is given by D(p) = -2p+ 104. A) Calculate the elasticity of demand…

A: The formula for price elasticity is given by: ep = dqdpx pq We have been given: q = -2p + 104 dqdp=…

Q: Over the last 10 years, price of new models of smart Phones increased by 25%. At the same time, the…

A: The Law of demand states that there is an inverse relationship between the price of the product and…

Q: 2. Explain what will be the result of cheaper sugar used in production of cakes at Bread Talks. What…

A: Demand and supply are two factors which determine the price and quantity level at equilibrium where…

Q: A manager has to decide whether to prepare a bid or not. It costs P5,000 to prepare the bid. If the…

A: According to the provided information, At the end of the success branch, P100000 is the return, but…

Q: ose a firms marginal cost of production are constant at 100 per unit. And the total fixed cost is…

A: According to the question Total cost is the sum of fixed cost and variable cost. as follow. Fixed…

Q: If a bank gives an interest rate of 5% annually. What is the sum of money after 2 years if the…

A: Interest rate of bank = 5% Difference between compound interest compounded annually and the simple…

Q: Provethatthetechnologyf(L,K)=L2+K2 exhibitsincreasingreturnstoscale. What is the formula for the…

Q: If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by…

A: Income of the individuals refers to the total earnings received from the wages, investment in…

Q: Which of the following is true for Firm 1? Peach strictly dominates Apple. Banana strictly…

A: Any strategy for a player which provides better payoffs to him in every scenario is said to be…

Q: Derivatives derive its value from the assets underlying it. If this statement is correct than why…

A: Derivative is a type of financial instrument that derives its value from the underlying asset. The…

Q: 10. Questionable business practices according to antitrust agencies Complete the following table by…

A: Scenario 1 - Tying: Tying is the process of combining two items into one package and charging a…

Q: The elasticity of demand for home computers is -2.5, the elasticity of demand for business computers…

A: Price Elasticity of Supply refers to the percentage change in quantity of a good that producers or…

Q: QUESTION 19 The difference between the Ricardian model of trade and the immobile factor model is…

A: Even though the LDC business pays lower wages, it is conceivable for an industry in a developed…

Q: 10. Deriving demand from an indifference map Teresa lives in Denver and enjoys drinking lattes and…

A: Budget line shows different combinations of two goods that can be bought with given income

Q: What are the economic and accounting costs of higher education?

A: Economic cost is usually determined to be as the combination of the losses of any services or goods…

Q: Assume a monopoly market characterized by the following: P = 10 – 1.5Q (demand curve) MC = 2 + Q…

Q: Mays and McCovey are beer-brewing companies that operate in a duopoly (two-firm oligopoly). The…

A: Profit maximizing quantity is such quantity where marginal revenue is equal to marginal cost.

Q: 22. Monopolistic competitive firms are productively inefficient because production occurs where: A)…

A: In monopolistic competitive market there are large number of firms selling differentiated goods.

Q: Economics how an increase in velocity of money affect IS-LM model and liquidity preference model.…

A: The term velocity of money means the amount of circulation of a unit of money within an economy. It…

Q: As the price level falls, the purchasing power of households' real wealth will rise remain the same…

A: Hi! thanks for the question but as per the guidelines, we answer up to three parts at a time. Kindly…

Q: is -2.5, the elasticity of demand for business computers is -.90, and the elasticity of supply for…

A: An elastic demand is one in which the adjustment of quantity demanded because of an adjustment of…

Q: The problem of adverse selection helps to explain.. A. Why banks prefer to make loans unsecured. B.…

A: In general, the term “adverse selection” refers to the situation in which sellers have knowledge…

Q: Which of the following statements about sending foreign aid to low-income countries is TRUE?…

A: The major method for providing aid to impoverished nations experiencing conflict, food shortages,…

Question

I need answer quickly..

Your food-services company has been named as the sole provider of meals at a small university. The cost and demand schedules are:
Sold per Day
0
100
200
300
400
500
600
700
greater than one.
Price per Meal
$3.50
$3.25
$3.00
$2.75
$2.50
$2.25
$2.00
$1.75
O one.
O infinite.
O less than one.
impossible to know with the available information.
OP3сеP₂.
●P4abP₂.
O OPofQo-
O OP4aQo-
O OP₂bQo-
Total
Fixed Cost
TABLE 10-2
Refer to Table 10-2, and suppose that the firm is a single-price monopolist. At the profit-maximizing level of output, the price elasticity of demand is
Dollars
Suppose a monopolist faces the demand curve and cost curves shown below.
P5
wo D
$150
$150
$150
$150
$150
$150
$150
$150
Po
Total
Variable Cost
0
$300
$500
$650
$750
$830
$905
$995
0
Total Revenue
0
$325
$600
Quantity
IMC
Qo Q₁Q₂Q3
MR
$825
$1000
$1125
$1200
$1225
ATC
Demand
9
Q5
FIGURE 10-4
Refer to Figure 10-4. If this single-price monopolist is producing at the profit-maximizing level of output, the total profit is represented by the area
At the current level of output, long-run marginal cost is $50 and long-run average cost is $75. This implies that
O not enough information to determine the answer.
Othere are diseconomics of scale.
O there are economics of scale.
O there are neither economies of scale nor diseconomies of scale.
O there are either economies of scale or diseconomies of scale.
When average product is at a maximum,marginal product is equal to AP

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

2. XYZ Company is specialized in mangoes distribution in the city of Muscat. Sales are 450 boxes (unit) per month. It costs OR 10 to make and receive an order and holding cost is OR 3.5 per box per year. The prices depend on quantities purchased such that the order quantities from 1 to 199 at a unit price RO 5; quantity 200 to 499 at a unit price 4.5 RO; and quantity 500 and more at a per unit price of 4 RO. If the discount option is considered, then the best decision that minimizes the total annual inventory cost is? a. 185 units, Total cost = 30,649 b. None is correct c. 450 units, Total cost = 23,500 O d. 500 units, Total cost = 22,583 e. 200 units, Total cost = 27,240
Your food-services company has been named as the sole provider of meals at a small university. The cost and demand schedules are: Sold per Day 0 100 200 300 400 500 600 700 Price per Meal $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 O A. 700 meals at $1.75 per meal. OB. 300 meals at $2.75 per meal. OC. 600 meals at $2.00 per meal. OD. 400 meals at $2.50 per meal. ✔ OE. 500 meals at $2.25 per meal. Total Fixed Cost $150 $150 $150 $150 $150 $150 $150 $150 ... Total Variable Cost $300 $500 $650 $750 $840 $905 $995 Total Revenue 0 $325 $600 $825 $1,000 $1,125 $1,200 $1,225
Help me
The following graph shows the daily demand curve for bippitybops in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per bippitybop) 240 220 200 180 160 140 120 100 80 8 60 40 20 0 mớ H + 0 9 18 27 36 45 54 63 72 81 QUANTITY (Bippitybops per day) * Demand 90 B 99 108 Total Revenue (?)
Market for Laptop Chargers 90 85 80 75 70 65 60 55 -Demand 35 30 25 20 -Supply 10 05 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Quantity The reservation price for consumers is O $75; $0; $303; O $45; Price
4. Elasticity and total revenue The following graph shows the daily demand curve for bippitybops in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 120 110 100 Total Revenue 90 B0 70 50 40 30 20 10 Demand 10 20 30 40 50 70 90 100 110 120 QUANTITY (Bippitybops) PRICE (Dollars per bippitybop)
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price (P) Per Hour (Q) 0 123 456 7 8 $6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 Total Cost (TC) $2.00 6.00 9.00 11.50 13.50 15.00 16.00 17.50 20.00 loaves of ciabatta bread per hour. (Enter your response as an integer.) a. To maximize profits, Maria should sell Maria should charge a price of $ (Enter your response rounded to two decimal places.) Maria's maximum profit is $ (Enter your response rounded to two decimal places.) b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ (Enter your response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)
$6.40 5.50 4.70 4.00 2.50 C C) $22.00. D) $25.60. E G 0 1 2 B 1 3 H L 4 MC JATC F 5 6 Demand MR I 7 8 27 Total cost at the profit-maximizing rate of output is A) $16.00. B) $18.80.
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price Per Hour (Q) (P) 0 $6.00 1 5.50 2 5.00 3 4.50 4 4.00 5 3.50 6 3.00 7 2.50 8 2.00 Total Cost (TC) $2.00 6.50 10.00 13.00 15.50 17.50 19.00 21.00 24.00 loaves of ciabatta bread per hour. (Enter your response as an integer.) a. To maximize profits, Maria should sell Maria should charge a price of $ Maria's maximum profit is $ (Enter your response rounded to two decimal places.) (Enter your response rounded to two decimal places.) (Enter your b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)
4. If Stopdecay does not change its price, the average monthly total revenue would be (Dropdown options: 240k, 195k, 200k, 162,500) 5. On the other hand, if it changes the price to sell the same number of units as it did before, the average monthly total revenue would be (Dropdown options: 231,920 or 241,440, or 160,000 or 172,480)
help me please
need d and e rest part are solved answer is here Solution:- Given Monthly demand function: Q=300-4P .... (1) Cost function: TC=15Q+1000 ..... (2) Part a Revenue = Price * quantity Q=300-4P⇒4P=300-Q⇒P=75-0.25Q So R=PQR=75-0.25QQR=75Q-0.25Q2 ... (3) To maximize revenue, differentiate the equation 3 with respect to Q dRdQ=75-0.5Q Put dRdQ=075-0.5Q=0⇒0.5Q=75⇒Q=150 Second-order condition for revenue maximization: d2RdQ2=-0.5<0 Revenue is maximization quantity is 150 From equation 3 R=75×150-0.25×1502R=5625 The maximum revenue is $5625 part b Differentiate equation 1 with respect to Q dQdP=-4 Price elasticity is calculated as e=dQdP×PQe=-4×75-0.25×150150e=-4×0.25e=-1 Price elasticity at revenue-maximizing point is -1 part c Total cost of producing 150 units: TC=15×150+1000TC=3250 Profit at revenue-maximizing level of output: Profit = revenue - costProfit =5625-3250Profit =2375