A small town has two bakeries, Acme and Fat Apple. Acme's marginal cost to make a loaf of bread is $1 and Fat Apple's marginal cost is $2. Acme's demand function is given as Q₁ = 14 - P₁ -0.5P₂ and Fat Apple's demand function is Q₂ = 19 -0.5P₁ - P2 where P₁ (P₂) is Acme (Fat Apple)'s price in dollars per loaf of break and Q₁ (Q₂) is measured in thousand loaves of Amce (Fat Apple)'s bread (respectively). What is Acme's profit function? O O - P₂² +15P2-0.5P1 P2 +0.5P₁ - 14. -P₁²+15P₁ -0.5P₁P2 +0.5P2 - 14. -P₁²+10P1 -0.5P₁ P2+ 0.5P2 O + P₁²-15P₁ +0.5P1 P2 -0.5P2 + 14.

A firm operates two plants.  The total cost schedules for the respective plants are TC1 = 5*Q1 + .1*Q12 and TC2= 2*Q2 + .1*Q22.  The firm’s demand schedule is Q = 160 – 10*P. What is the profit maximizing output for the firm?

A bookstore owner can sell 26 magazines at a price of $1.38 per magazine. If the price is $1.10, he can sell 30 magazines. The total cost to purchase x magazines is C(x) = 0.65x+7.75 dollars. Step 1 of 3: Assuming the demand function is linear, find an equation for D(x). Do not round your answer.

The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a purely competitive firm that produces novelty ear buds. Assume the market for novelty ear buds is a competitive market and that the price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 20 1.00 25 2.00 1.20 30 2.46 1.41 35 3.51 1.71 40 4.11 2.01 45 5.43 2.39 50 5.99 2.75 55 8.47 3.27 Instructions: In part a, enter your answer as the closest given whole number. In parts b-d, round your answers to two decimal places. a. If Buddies wants to maximize profits, how many pairs of ear buds should it produce each week? pairs b. At the profit-maximizing quantity, what is the total cost of producing ear buds? 2$ c. If the market price for ear buds is $6 per pair, and Buddies produces the profit-maximizing quantity of ear buds, what will Buddies profit or loss be per week? 2$

A catering company producing fruit ice, in the Tandy school, has a production function q = 10min(k,l), where k is capital and 1 is labor. a. 15% If v = 81000 and w = 500 and P = 8600, where v, w, and P are as per the lecture notes, how many units of fruit ice will be produced and how much profit will be obtained? b. 10% Draw the supply curve for this catering company.

Window cleaning is a perfectly competitive market in Boston. The daily market demand for window cleaning in Boston is Q(P) = 360 ‒ 4P, where Q represents the daily number of houses served and P is the price per house; and (2) the current market price per house served is 30. Each window-cleaning firm faces a daily total cost of TC(q) 72+ 1/2 q2, where q represents the number of houses served per day. What is the current daily profit for each window-cleaning firm?  A. -72 B. 0 C. 378 D. 400 E. 578

Fruit market (a perfectly competitive market), the industry demand and supply of tomato (a homogenous product) is given by the following equations respectively:  Qd = 50 − P Qs = 1 + 3P The typical firm’s total cost is given by the following equation: TC = 10 + 0.5Q2 + 5Q   What is the equilibrium price and quantity in this market? What is the firm’s MC function? What is the MR function? What is the profit maximizing level of output for the firm? How much profit is this firm earning? Show it graphically Is it short run or long run? Explain!

A competitive firm has a cost function C=2q³-12q²+20q+100. The optimal output at price of 92 is a. b. C. d. e. a. b. C. d. e. A competitive firm has a cost function C=2q³-12q2+20q+100. At price 92, the optimal profit is a. b. C. d. e. 10. 8. 6. A competitive firm has a cost function C=2q³-12q²+20q+100. At price 92, the optimal producer surplus is a. b. 4. None of the above. C. d. e. -220. 634. 529. 332. None of the above. -120. 734. 629. A competitive firm has a cost function C-2q³-12q²+20q+100. The firm's supply curve is given by 432. None of the above. P=2q³-12q²+20q+100 for q20. P=6q²-24q+20 for q20. P-6q²-24q+20 for q23. 2q³-12q²+20q+100 for q≥12. None of the above.

PS4.2 (a) What Optimal Level of Output (q*) will a Firm Produce given the following? MC(q) = 3 + 2q Price (P) = $9 MC → Marginal Cost q→ Quantity (b) What is a Firm's Producer Surplus assuming the following? Area of Triangle = 1/2* Base * Height (c) Will a Firm be Earning a Positive, Negative, or Zero Profit in the Short-Run given the following? AVC (q) =3+q FC = $3 AVC → Average Variable Cost FC Fixed Cost

The demand equation of a product is p=100/q+10. Find the marginal revenue when q=10.