Answered: Supply for a product is given by 2p - 9…

Supply for a product is given by 2p - 9 + 6 = 0 and demand is given by (D + 9)(9 + 10) = 3696. Suppose costs are C(g) = 4 + 100. Find the profit at the equilibrium point

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: a) The marginal profit MP(x) for producing x units of an electrical appliance is given by the linear…

A: A business unit will keep producing and selling more quantity of its service as long as its…

Q: The supply function for a product is Qs=2P - 14. while the demand function for the same product is…

A: ANSWER MARKETING EQUILIRIUM IS THE ACTUAL PRICE IN WHICH WORLD IS BALANCING ACT BETWEEN SUPPLY AND…

Q: The manufacturer of an energy drink spends $1.28 to make each drink and sells them for $3.27. The…

A: Given information: A manufacturer of energy drinks spends $1.28 to make each drink and sells them…

Q: A firm has two different plants. Let the cost at plant 1 be given by c(y1) = 5y2 1 + 100y1, and the…

A: Since you have posted a question with multiple sub-parts, we will solve the subparts asked by you.…

Q: Cost is in dollars and x is the number of units. Find the marginal cost functions MC for the given…

A: 5) Given Total profit function:P(x) = 7x - 24Marginal Profit(MP) = 7The next unit sold earns this…

Q: Suppose that the ingredients required to bring a slice of pizza to market and their respective costs…

A: Price Elasticity of Supply:Price elasticity of supply is a measure used in economics to describe how…

Q: A company in the software development sector has a market demand and production cost by: q=20-P CT…

Q: Let x denote the level of output of a firm’s production process. The cost function is given by C (x)…

A: Profits are the excess of revenue receipts over the costs incurred by the firm. To maximize profits,…

Q: b Now suppose Q = 2L +3K. Let the market price of L be w = 5 and the price of K be r = 4. Let both L…

A: b) Suppose the production function is Q = 2L + 3K, where Q represents the output quantity, L is the…

Q: The demand function for a firm is p = 320 – 3.2x, and the cost function is C(x) = 100 + 80x –…

A: (i) Demand Function p = 320 - 3.2x Cost Function C(X) = 100 + 80x - 1.6x2 Profit = Revenue - Cost…

Q: In a factory an article is produced whose production function is: z = 15 – 2x2 + 12x – 3y? + 6y for…

A: Production function is given as: z = 15 -2x2+ 12x-3y2+6yPrice of input x = 6Price of input y =…

Q: Blissful Blankets' target profit is \$ \\$ 520,000 \$. Each blanket has a contribution margin of…

A: The concept can be described as the monetary gain that is attained when the revenue earned from…

Q: Consider a perfectly competitive firm choosing a profit-maximizing level of output. However, there…

A: C = 10 + 2Q + 4Q2 60% market price is $42 40% market price is $22 MC = 2 + 8Q

Q: Suppose that, at a quantity of q = 20, a firm's costs are as follows: MC = 20, AVC = 12, ATC = 30.…

A: In economics AVC is basically determined as the total firms variable costs which is merely divided…

Q: Q#1: The demand function of a good is given by P+ 2Q = 20 and total average Cost function AC=Q?- 8Q+…

A: The demand function of the firm can be used to calculate the total revenue and corresponding…

Q: A firm has a linear demand function for it's product.When the price for the product is Sh.220,the…

A: At price of 220 and the quantity demanded is 40 units. At price of 240, the quantity demanded…

Q: = (1041 +8 * * q) and the demand function is price(q) = (495-5* q). Find the maximum profit...

A: Demand function , P = 495 - 5q Cost function, C = 1041 + 8q

Q: A firm operates with the production function Q=2L+4K. The firm has target production of 420 units of…

A: Answer: Given, Q=2L+4K Target production = 420 units K = 80 units (short-run) w (wage) = $100 r…

Q: If Y = F(K, N) = 2K + 5N, there are ___ returns to scale. decreasing increasing constant

A: Returns to scale posits the relationship between the input and output in proportionate term. The…

Q: Suppose firm A’s total cost function is given by c(q) = 3q^2 + 95. If the equilibrium price is $24,…

A: The firms and businesses tend to operate in the market with the motive of earning high amount of…

Q: profit-maximizing firm in a competitive market is currently producing 100 units of output. It has…

A: Profit maximization is a process business firms undergo to ensure the best output and price levels…

Q: If a firm's marginal cost is greater than its average variable cost, what can be inferred about the…

A: To resolve this inquiry, it's vital to initially understand what marginal cost (MC) and average…

Q: You are the CEO of Widget World Corporation. Researchers have developed a new electronic widget. The…

A: Expense Function is made up of Fixed Cost and Variable Cost Total Revenue = Price * Quantity Fixed…

Q: Suppose that Quality Widgets Limited is an efficient small firm with cost functionC(q)=q3 -…

A: Given Cost function C(q)=q3 - 10q2+100q + 196 Maximum capacity L=10 weekly

Q: The cost function for Acme Laundry is C(q)=50+30q+q2, where q is tons of laundry cleaned.…

A: In economics, profit maximization is the short run or long run process by which a firm may determine…

Q: A firm's demand and total cost function are given by the expression: P = 20 - Q/2 (1) TC =…

A: Total revenue refers to the total amount earned by the producer from the sale of the commodity.…

Q: 8. Consider the following cost function: C(Q) = 20Q³ – 15Q² + 10Q. Answer the following questions:…

A: cost function is a function that maps an event or values of one or more variables onto a real number…

Q: A bookstore owner can sell 26 magazines at a price of $1.38 per magazine. If the price is $1.10, he…

A: The total number of magazines sold at a price of $1.38 per magazine is 26. At $1.10, the total…

Q: A Los Angeles firm uses a single input to produce a recreational commodity according to a production…

A: The production function is a numerical condition calcupation the connection between the factors and…

Question

Supply for a product is given by 2p - 9 + 6 = 0 and demand is given by

(D + 9)(9 + 10) = 3696. Suppose costs are C(g) = 4 + 100. Find the profit at the equilibrium point

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

(a) Teddy J is a manufacturer of dish washing liquid . If his monthly demand function for 750mlsize is q = 4000 − 250p and his total cost function is C(q) = 500 + 0.2q.
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?
Flora sells flowers in a perfectly competitive market. These cost functions represent her daily cost functions. TC = 100 + 0.50 + .2502 MC = 0.5 + 0.50 The current price is $9.50 Determine the profit/loss for Flora. Round to the penny. Suppose this is Flora's daily cost functions. This (profit/loss) value is expected to be constant for the next two weeks.What advice you would give her for these next two weeks related to running her business? Explain why.
Please answer fast
(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?
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.
The profit function of a good is given by the following: n = -5Q2 + 631Q – 3255 where P is the price of the item and Q is the quantity. Determine the demand function of the good if the variable costs are 14 per item.
(i) If the demand curve for a particular commodity is p = −0.09x + 51 and the total cost function C(x) = 1.32x2 + 11.7x + 101.4,where x is the level of production. Find: 1. All values of x for which production of the commodity is profitable.
To produce x units of t-shirts costs C(x) = 7.50x + 1200. The revenue is R(x) = 16x. a) Find the break-even point b) How many t-shirts needs to be produced and sold in order to make a profit of $500?