Find the price that will maximize profit for the demand and cost functions, where p is the price, x is the number of units, and C is the cost. Demand Function p= 78-0.1 square root x Cost Function

A street musician bought a new fiddle for $850.00. Assume she breaks 1 string each hour and can buy new strings for $1.00 each. On average, she makes $18.00 per hour. (a) Find the cost function C(x) associated with playing the fiddle for x hours. C(x)= (b) Find the revenue function R(x) for the amount of revenue gained from x hours of playing R(x) = (c) Find the profit function P(x) for the amount of profit gained from x hours of playing P(x) = (d) Use the functions above to complete the following sentence. She will need to work hours to break even

Please select all that are true regarding Minimum Efficient Scale (MES):     if the quantity demanded is equal to Qmes, then the lowest cost solution is for one firm to supply the market     MES is the quantity produced where average costs for a firm are at a minimum     Long run average costs include fixed cost steps as quantities (scale) increase     Quantities (x-axis) less than MES exhibit decreasing returns to scale due to diminishing marginal returns     Short run average cost curves are for a given level of fixed cost, individually     MES is the quantity demanded where total costs for a firm are at a minimum     Quantities (x-axis) greater than MES exhibit decreasing returns to scale due to diminishing marginal returns     Average costs do not include fixed cost since they don't change

A firm has a total cost function C(Q) = 100 + 8Q – 8Q 2 + Q 3 and demand function is Qx d = 33 – 2px Required: (i) Calculate the firm's marginal cost when Q = 5

The company AffordableStuff sells cell phones. The marginal cost for each cell phone is given by the equation C(x) = 0.01x² – 3x + 229. a is the number of cell phones manufactured and sold. The marginal revenue function is R(x) = 429 – 2.x. Both C(x) and R(x) are given in dollars. a) Where do these curves intersect? What do those intersection points mean? b) Find the area between the curves, using end points that make sense. Round to the nearest cent. c) What does the area under the curve mean in this case?

A Los Angeles firm uses a single input to produce a recreational commodity according to a production function f(x)=4x1/2, where x is the number of units of input. The price of the commodity is $100 per unit, and the input cost is $50 per unit. The fixed costs are zero. A: Write down the firm’s profit function. C:Find the profit maximizing amounts of input and output. What is the maximum profit? C:Suppose that the firm is taxed at $20 per unit of its output (note it is a quantity tax) and the price of its input is subsidized by $10 per unit. What is the new input and output levels? What is the new maximal profit?

Production Function: q=32n+2nl+16l n is the size of net l is the hours of labor employed Total Cost: C=14+2n2+4l2 The price of fish is $2 per unit of fish   What is the maximum profit for the firm?

(a) Find the conditional input demand function for inputs 1 and 2, as well as the cost function for this firm. (b) What is the firm's marginal cost when it is producing y units of output?

Catalina Films produces video shorts using digital editing equipment (K) and editors (L). The firm has the production function Q(K, L)=KxL, where Q is the hours of edited footage. The wage is $25, and the rental rate of capital is $50. The firm wants to produce 3,000 units of output at the lowest possible cost.a) Find the marginal product of each input.b) Determine whether the production function exhibits diminishing marginal product to each input.c) Find the marginal rate of technical substitution(MRTSLK)d) How does MRTSLK change as more L, is used holding output constant.e) Find the least costly combination of labor and capital to produce 3000 units

Inverse demand function for a firm is P(Q) = 100 -2q and the cost function is represented as C(q) = 10+2q. Find the profit maximizing output for this firm as well as the price. What is the maximum level of profits?