Suppose that the market is comprised of a single firm, which faces a de- mand curve of P = 110 − 3Q, and total costs of T C = 500 + 9Q + 0.1Q2. (a) What quantity maximizes total revenue? (b) What would profit be if the firm produced that quantity? (c) What quantity minimizes per unit costs? (d) What would profit be if the firm produced that quantity? (e) What quantity maximizes the firm’s profit? (f) What would profit be if the firm produced that quantity
Suppose that the market is comprised of a single firm, which faces a de- mand curve of P = 110 − 3Q, and total costs of T C = 500 + 9Q + 0.1Q2. (a) What quantity maximizes total revenue? (b) What would profit be if the firm produced that quantity? (c) What quantity minimizes per unit costs? (d) What would profit be if the firm produced that quantity? (e) What quantity maximizes the firm’s profit? (f) What would profit be if the firm produced that quantity
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose that the market is comprised of a single firm, which faces a de-
mand curve of P = 110 − 3Q, and total costs of T C = 500 + 9Q + 0.1Q2.
(a) What quantity maximizes total revenue?
(b) What would profit be if the firm produced that quantity?
(c) What quantity minimizes per unit costs?
mand curve of P = 110 − 3Q, and total costs of T C = 500 + 9Q + 0.1Q2.
(a) What quantity maximizes total revenue?
(b) What would profit be if the firm produced that quantity?
(c) What quantity minimizes per unit costs?
(d) What would profit be if the firm produced that quantity?
(e) What quantity maximizes the firm’s profit?
(f) What would profit be if the firm produced that quantity
(e) What quantity maximizes the firm’s profit?
(f) What would profit be if the firm produced that quantity
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