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a) How can a firm determine the best level of output and price for products that are jointly produced in fixed proportions?
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- A company in the software development sector has a market demand and production costs given by: q = 20 - P CT (q) = q² - 4q (Quantities are expressed in thousands of units). a) Find the optimal price and production. b) Calculate the level of benefits obtained. c) What would be the quantity produced and the price in the long run? Comment on the long- term benefit. d) Graph both situations (a graph for the short run and a graph for the long run).How does a market compete with other firms efficiently to maintain profit in a competitive market over time? Show diagram with shifts in price, cost, quantity, etc.|1.6.1 A company manufactures and sells x dellphones per week. The weekly price-demand and cost equations are given below. p= 400 - 0.5x and C(x) = 20,000 + 140x (A) What price should the company charge for the phones, and how many phones should be produced to maximize the weekly revenue? What is the maximum weekly revenue? The company should produce (Round to the nearest cent as needed.) phones each week at a price of $ The maximum weekly revenue is $ (Round to the nearest cent as needed.) (B) What price should the company charge for the phones, and how many phones should be produced to maximize the weekly profit? What is the maximum weekly profit? The company should produce (Round to the nearest cent as needed.) phones each week at a price of $ The maximum weekly profit is $ (Round to the nearest cent as needed.)