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If a price-taking firm’s production function is given by q = √6l , its short-run supply
function is given by
(a) q = 3Pw.
(b) q = 3P/w.
(c) q = P/(3w).
(d) q = 3w/P.
Please explain reason correctly.
Step by step
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- The price-demand equation and the cost function for the production of active styluses are given, respectively by p = 470 -0.05x and C(x) = 160,000 + 22x d) Given a price of $150, determine whether the price should be increased or decreased in order to increase revenue. e) Find the revenue function, R(x). f) Calculate the number of styluses the company should sell in order to maximize revenue. g) Find the approximate cost of producing the 140th stylus.A firm has a linear demand function for it's product.When the price of the product is sh.20,the quantity demanded is 40 units.When the price increases to sh.240 the quantity demanded becomes 30 units.In addition,the firm's marginal cost function is giving by: Mc = 40q- 2q^2+2 Fixed cost = 5 million Where q= quantity demanded,Mc = marginal cost(sh.million) Required 1.The level of output that maximises profits 2.The maximum profit 3.The price of the product at the maximum profitLet x denote the level of output of a firm’s production process. The cost function is given by C (x) = x(x +1)+120 and the demand function of the product by x =1000 - 2p. (a) Compute profit E(x). (b) Find the output x at which profit is maximized. Please answer both subparts. I will really upvote. Thanks
- A firm faces the demand schedule p = 190 – 0.6q TC = 40 + 30q + 0.4q. %3D and the total cost function %3D (a) What output will maximize profit? (b) What output will maximize total revenue? (c) What will the output be if the firm makes a profit of £4,760?Find the marginal values for functions a, b, and c given below and evaluate each at Q=100. a) C(Q) = 540 + 6Q where C(Q) is the total cost function and Q is the level of production. b) R(Q) = 9Q where R(Q) is the total revenue when Q units are transacted at a constant price of P=$9. c) R(Q) = P(Q)Q, where P(Q) = 40 – 0.1Q, is a demand (inverse) function showing the dependence of price on quantity demanded Q.A commodity has a demand function modeled by p = 106 − 0.5x and a total cost function modeled by C = 30x + 33.75, where x is the number of units. (a) What unit price (in dollars) yields a maximum profit? $ per unit (b) When the profit is maximized, what is the average cost (in dollars) per unit? (Round your answer to two decimal places.) $ per unit
- Suppose that Quality Widgets Limited is an efficient small firm with cost functionC(q)=q3 - 10q2+100q + 196 and suppose also that the maximum level of weekly production is L=10. Determine:(d) their breakeven point, (e) their supply set.A commodity has a demand function modeled by p= 112 - 0.5x and a total cost function modeled by C = 30x + 31.75, where x is the number of units. (a) What unit price (in dollars) yields a maximum profit? x per unit (b) When the profit is maximized, what is the average cost (in dollars) per unit? (Round your answer to two decimal places.) $ x per unitA firm is able to adjust both L and K and has a production function q = KL, where K is the amount of capital and L is the amount of labor it uses as inputs. The cost per unit of capital is r and the cost per unit of labor is w. The (conditional) demand for capital (also known as the optimal level of capital) is given by: O qwr O the square root of qr/w O qw/r O q/wr O the square root of qw/r
- 14.The demand function for a new product is p(x) = - 2x + 7 , where p is the selling price of the product and x is the number sold in thousands. The cost function is C(x) = x + 2 . a) Determine an equation for the profit, in standard form and in function notation. b) How many units must be sold for the company to break even?A competitive firm has a total cost function: TC = 20 + 50q − 6q2 + q3 and a marginal cost function MC = 50 − 12q + 3q2. (a) If the market price is P = $230 per unit, the firm will supply 10 units of the good. Calculate: (i) the profit (ii) the producer's surplus (b) Assume that the market price is P = $50 per unit. Find (i) the level of output supplied by the firm (ii) the firm's profit (use a minus before your answer if the firm incurred a loss) (c) Calculate the range of prices for which the firm will find it optimal to shut down.Q.No.3. Consider the production function: (3) Y = 0.75X + 0.0042X2 – 0.000023X3 (a) At what level of X, the output will be maximum? (b) If input price is 0.15$ and output price is 4$ then at what level of X, profit will be maximum?