Given the given cost function C(x) = 2200+ 270x + 1.4x² and the demand function p(x) = 810. Find the production level that will maximize profit.
Q: 8. Figure below shows the Percentage of Total National Income Spent on Health Care in the United…
A: A value of a variable as a percentage of the value of the other variable is given as: = (value…
Q: P&G sold its prescription drug business to Warner Chilcott, Ltd., for $3.1 thousand millions. If…
A: P&G sold his business for 3.1 thousand million Revenue from sales = 2billion Net Profit = 20% of…
Q: Which of the following is an example of capital deepening? O A. Doctors use more sophisticated…
A: Capital deepening means a rise in the proportion of the quantity of capital stock to the number of…
Q: define Aggregate Demand, give a couple of examlples tied to todays current events (a couple…
A: A market, industry, or economy's aggregate demand is the sum of consumer demand for all final goods…
Q: Please expain in detail what is the Neoclassical Economics view of labor markets. How do they…
A: Labor Markets are described as the economic setup in which businesses producing output demand labor,…
Q: Stephanie Carter has been gifted a sum of $50,000 by her grandparents on completing her graduation…
A: Given Information: Value of Investment = $50,000 Time = 5 years Rate of Interest = 6% We have to…
Q: Calculate the equilibrium price. Suppose that demand and supply of apples are described by the…
A: Introduction: Equilibrium price is the price that is derived from the demand and supply curve…
Q: Redo the problem in Question 2 under the assumption that the person can buy flood insurance at a…
A: Contingent consumption is the consumption by the purchaser in case of uncertain conditions. The…
Q: 3. In a competitive market where all firms have cost function C(q) = 8q² + 128: (a) what is the…
A: In a competitive market, Cost function is given: C(q) = 8q2 + 128 ............................... In…
Q: What does neoclassical theory say about income distribution and inequality
A: Macroeconomics refers to the branch of economics that deals with performance, structure, behavior,…
Q: data analysis, please show work Here is a table showing the approximate breakdown of blood types in…
A: Probability of an event E is given as : P(E) = (number of elements in the event set / number of…
Q: how much were implicit costs
A: Profits refers to the income earned by the firm after accounting for all the expenses. These…
Q: What does neoclassical theory say about income distribution and inequality. What are the causes and…
A: Labor Markets are defined as the economic arrangement where businesses engaged in production of…
Q: If a firm, wanting to maintain the same level of output and reduce costs is producing where MPL/MPK…
A: MRTS(marginal rate of technical substitution) is the slope of isoquant which is the ratio of…
Q: What is the equilibrium level of
A: In a closed economy without government, aggregate expenditure is the sum of consumption and…
Q: Please select correct group
A: The demand side is made by the consumers, or purchasers who buy these products supplied by the…
Q: Ken’s firm is committed to reducing greenhouse gas by 10 tons per year. The firm’s cost of abating a…
A: Cost of carbon abatement = sum of marginal cost of abatement. Marginal cost of abatement is the…
Q: Vision technologies, Inc., is a small company that uses ultra-wideband technology to develop devices…
A: Total Present Value means, in case of a Financial Offer comprising of Financial Consideration…
Q: Explain carefully how an increase in b affects each equilibrium condition (Beveridge curve, vacancy…
A: The Mortensen‐Pissarides model of unemployment is a workhorse of matching models was developed by…
Q: how does transportation address the economic problem of scarcity
A: Scarcity refers to the limited availability of economic resources with the economies. The economic…
Q: 5. Cooperative stabilization can help countries have a fixed exchange rate regime and avoid high…
A: Governments who want to foster economic growth and development must change their economic policies.…
Q: Finally, so can you summarize and contrast what you think happened to Agg. Demand during 2020 versus…
A: Aggregate demand is the sum of Consumption, Investment , government spending and net export. =>…
Q: 1. Donna, a highly motivated entrepreneur plans on applying for a business loan from Bank of…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first 3 questions for you.…
Q: consumers demand for goods and services, which drives production, is the main element of _____…
A: Introduction Production and consumption are important activities of any economy. Both will help to…
Q: A limited edition package is sold only to 200 customers for $130 each. The average value of the…
A: Producer surplus is the difference between the price a producer is willing to accept and the…
Q: For a marginal damage cost function equal to: MD = 0.8E, the marginal damage cost of the 50th unit…
A: The marginal damage function is a connection between the number of emissions and the damage brought…
Q: industry Market Share of Firms in Industry 4 5 6
A: The concentration ratio indicates whether an industry is comprised of a few large firms or many…
Q: Other things remaining the same, the law of demand implies that: Select one: O a. as the price of a…
A: The demand curve depicts the inverse relationship between price and quantity demanded, by keeping…
Q: Quantity 1 23 4 5 6 7 Long-Run Total Cost (Dollars) Ob. Firm 2 Oc. Firm 3 O d. Firm 4 Firm 1 180 350…
A: In economics, returns to scale explains what happens to long-term returns as the scale of production…
Q: Suppose the government wants to reduce the total pollution emitted by three local firms. Currently,…
A:
Q: Suppose that Starbucks reduces the price of its premium coffee from $2.20 to $1.80 per cup, and as a…
A:
Q: According to the vacancy supply condition, market tightness increases with:
A: Vacancy Supply Condition is defined as a condition where the vacancy curve tends to move upwards…
Q: A polling company reported that 53% of 2286 surveyed adults said that they play football. Complete…
A: Actual value can be derived from the percentage as follows Actual value = Value × Percentage of…
Q: Define Supply and Demand Give examples supply and demand regarding the oil prices in the US.
A: Supply definition - Supply refers to the quantity of a particular goods or service that suppliers…
Q: 6. Consider an economy of three-period-lived people in overlapping gener- ations. Each individual is…
A: Given, The economy has three people in overlapping generations. Every individual is endowed with y…
Q: part C D
A: Taxes are levied on the individuals or entities as the economic instruments that are given at the…
Q: monopolist faces a demand curve Q = 500 – 10P and has the total cost curve ??(?) = 200 + 20? + ?2.…
A: Monopoly is the sole producer of a good thus having maximum market power hence acts as a price…
Q: Which among the following is not true? Select one: a. None of the answers are correct b. When…
A: As a buyer purchases more and more of a product, his marginal utility declines until he reaches a…
Q: Your company wants to do their part to reduce pollution. They commit to reducing their greenhouse…
A: Optimal combination is where the total surplus is maximized. Optimal consumption is the situation…
Q: In 2003, the economy of Microtania had an aggregate demand and aggregate supply according to the…
A: Equilibrium is where demand equals supply. In short run , Equilibrium is where Aggregate demand…
Q: Terry attends college and works part-time in a drug store. She can work up to 40 hours per week and…
A: Terry has only 40 hours per week in which she can work with wage of $9 per hour Hours of Leisure…
Q: 6. A utility company is considering the following plans to provide certain service required by the…
A: Plan R Investment = 5,00,000 n = 18 salvage Value = 20% Annual Operating and Maintenance Cost =…
Q: Part 1 : Please create a plot where you compare the attached countries for each variable: GDP, GDP…
A: GDP growth : It the rate by which the absolute level of real GDP increases over the years. GDP per…
Q: Would the maximum loan that a bank can make be different when receiving a discount loan from the…
A: A commercial bank refers to a financial institution that accepts deposits, offers to check accounts…
Q: on is caused by a constant increase in the money supply. a high rate of growth in the money supply.…
A: Money supply refers to the currency and demand deposit. A rise in the money supply which is above…
Q: Company A is the only supplier of glass in Big Apple City used for tall buildings’ exteriors. Its…
A: * ANSWER :- Given that , The marginal cost of production is cA=1, The deman d QD=2 -P. The…
Q: Given that Stephanie’s bank offers an interest rate of 6% per year, what additional amount should…
A: Purchasing stock to invest in entails acquiring ownership interests in public companies. The little…
Q: In 2003, the economy of Microtania had an aggregate demand and aggregate supply according to the…
A: Short-run equilibrium output occurs at the intersection of aggregate demand and short-run aggregate…
Q: The table below shows cost data for producing different amounts of cough syrup. Use the given…
A: Total cost is the sum of fixed cost and variable cost Fixed cost remain fixed for all level of…
Q: A polling company reported that 33% of 2286 surveyed adults said that they play football. Complete…
A: An Economic Survey refers to a snapshot of the significant economic changes that have usually taken…
Step by step
Solved in 2 steps
- The cost of producing x units of stuffed alligator toys is c(x) = 0.003x2 + 6x + 6000. Find the marginal cost at the production level of 1000 units.A small business can produce a maximum of 46 of its product per month and sell them for $7 each. The variable costs are $2 per unit and fixed costs are $175 per month. a) Find the revenue function. R(x) = b) Find the cost function. C(x) = c) Calculate the number of items needed to be sold per month to break-even. d) Calculate the revenue at the break-even (round off to the nearest cent). $ e) Plot the revenue and cost functions. 400 300 Revenue/Cost($)The market for high-quality caviar is dependent on the weather. If the weather is good, there are many fancy parties and caviar sells for 300 SEK per kg. In bad weather it sells for only 200 SEK per kg. Caviar produced one week will not keep until the next week, i.e. it has to be sold and consumed the same week it is produced. A small caviar producer has a cost function given by C=5q2 - 50q + 1000 where q is the weekly caviar production. Production decisions must be made before the weather (and hence the price of caviar) is known, but it is known that good weather and bad weather each occur with a probability of 0.5. a) How much caviar should the firm produce per week if it wishes to maximise its expected profit? b) Suppose the owner of the firm has a utility function of the form U(π)=√π where π is weekly profits. What is the expected utility associated with the strategy in (a)? c) Suggest a weekly production level that would give the owner higher expected utility than the…
- The cost, in dollars, of producing x yards of a certain fabric is C(x) = 1100 + 13x − 0.1x2 + 0.0005x3. (a) Find the marginal cost function. C'(x) = (b) Find C'(500) and explain its meaning. What does it predict? C'(500) = and this is the rate at which costs are increasing with respect to the production level when x = . C'(500) predicts the cost of producing the ---Select--- 499th 501st 401st 599th 500th yard. (c) Compare C'(500) with the cost of manufacturing the 501st yard of fabric. (Round your answers to four decimal places.) The cost of manufacturing the 501st yard of fabric is C(501) − C(500) = − 45,100 ≈ , which is approximately C'(500).A small business can produce a maximum of 43 of its product per month and sell them for $7 each. The variable costs are $2 per unit and fixed costs are $125 per month. a) Find the revenue function. R(x) = b) Find the cost function. C(x) = c) Calculate the number of items needed to be sold per month to break-even. d) Calculate the revenue at the break-even (round off to the nearest cent). $The total revenue function for a product is given by R=655x dollars, and the total cost function for this same product is given by C=19,250+70x+x2, where C is measured in dollars. For both functions, the input x is the number of units produced and sold. a. Form the profit function for this product from the two given functions. b. What is the profit when 25 units are produced and sold? c. What is the profit when 43 units are produced and sold?
- Suppose that the cost function for a commodity is C(x) = 90 + x? dollars. (a) Find the marginal cost at x = 7 units. MC(7) = [ Tell what this predicts about the cost of producing 1 additional unit. The cost to produce the 8th unit is predicted to be $ (b) Calculate C(8) - C(7) to find the actual cost of producing 1 additional unit. $4The cost function for the manufacture of x number of goods by a company is C(x) = x3-9x2+24x. Find the level of output at which marginal cost is minimum. Further, if the selling price of a unit is 2x3+9x2, find the average profit.The total revenue function for a product is given by R=655x dollars, and the total cost function for this same product is given by C=19,250+70x+x2, where C is measured in dollars. For both functions, the input x is the number of units produced and sold. a. Form the profit function for this product from the two given functions. b. What is the profit when 25 units are produced and sold?
- If C(x) the total cost function of producing x items, then the marginal cost at x = a, given by C'(a), is the approximate cost to produce the (a + 1)st item. If the cost of producing x golf carts is C(x) = 0.001x³ + 0.2x2 + 39x + 200 what is the cost of producing 20 golf carts? C(20) = $ What the marginal cost when x = 20? C'(20) = $A company has the following cost functions in the short run, where the production level, Q , is measured in ‘000s of units:TC = 0.5Q^3 − 2Q^2 + 5QFC = 7(i) Calculate the optimum output level for this company in the short run.(ii) Calculate the marginal cost for this company at a production level of 3000 unitsThe cost to produce x units is given by C ( x ) = 0.03x2 + 8.8x + 1600 + 6.8 square root of x. Find the marginal cost.