You sell items. Your marginal revenue and marginal cost are given by the formulas:  MR (q)= 9.344-0.8q and MC (q)= 0.1q2-1.2q+5.9 where q is measured in hundreds of items and marginal revenue and marginal cost are in dollars per item. Compute the change in total cost that occurs if quantity increases from 225 to 226 items.

Q: The demand function p=2000-3q2 and total cost C=2q2+800. Find the price that maximizes profit.

A: The profit function is given by, π(q)=p*q-C(q)=(2000-3q2)q-2q2-800=2000q-2q2-3q3-800 First order…

Q: Douglas Fur is a small manufacturer of fake-fur boots in Chicago. The following table shows the…

A: Average total cost (ATC) is calculated by dividing total cost by the total quantity produced.…

Q: A particular computing company finds that its weekly profit, in dollars, from the production and…

A: Marginal profit is the additional profit earned when an additional unit of output is produced.

Q: The demand and total profit function, P(x) for rooms in a hotel are given as follows. 3x = 600 - P…

A: Marginal cost is the additional cost incurred by producing an additional unit of output.

Q: n order to maximize profits, you should carry    customers per load.

A: Marginal Cost- it is the cost of production of one additional unit produced. MCn= TCn-TCn-1 Average…

Q: The total revenue curve of a firm is R(q) = 40q – 12q² and its 400 average cost A(q) =9 – 12.85q +…

A:

Q: demand curve faced by the firm is: P = 230 - 4Q where Q = Q1 + Q2 total cost equations for the two…

A: MC (marginal cost) is the cost incurred by the firm when an additional unit of a good is produced.…

Q: Suppose that a company's monthly costs, C(q), for a particular product is expressed as a function of…

A: Total cost is the sum of fixed cost and the variable cost of a firm.  Revenue is the income received…

Q: You run a game-day shuttle service for parking services for the local ball club. Suppose you are…

A: MC is the change in the TC when the number of customers changes by 1 unit. When the number of…

Q: A local microbrewery has total costs of production given by the equation TC=500+10q+5q^2. This…

A: Total cost equation,TC=500+10q+5q2Marginal cost equation, MC=10+10qDemand function, Qd=105-12P

Q: Q. 4 For a firm with a Total Cost function TC = C(Q), recall that the definitions of Marginal Cost…

A: Marginal cost of production is the amount of dollars incurred by a firm in producing an additional…

Q: Beta Industries manufactures floppy disks that consumers perceive as identical to those produced by…

A: Cost:It is the total expenditure incurred in the process of production. Cost has two types: fixed…

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: Find the marginal profit. C(x)=4x^2; R(x)=x^3+5x+15

A: Profit=Revenue-CostProfit=(x3+5x+15)-(4x2)Profit=x3-4x2+5x+15

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: A firm in a competitive industry has the following cost function: c(y) = y3/3-20y2 +310y. (Note that…

A: A cost function is a function of input costs and output amount whose value is the cost of making…

Q: The marginal cost curve of a firm is MC = 6y + y2 .

A: Answer: Given that:     The marginal cost curve of a firm is MC = 6y + y^2 . Total variable costs to…

Q: Jack scalps lawns in the neighborhood for $36 per house. He does ten houses per day. He is incurring…

A: Total cost is the sum of fixed and variable costs. Marginal cost is the addition to the total cost…

Q: We expect the marginal cost to increase as this firm produces more computers. But when the firm…

A: The rise or fall in the cost of producing/providing one more product is referred to as marginal…

Q: The total revenue curve of a firm is R(x) = 32·5x – 12x2 and its average cost A(x) =  x²  – 13x + 20…

A: It is given that                R(x) = 32.5x – 12x2          (Revenue Function)               A(x) =…

Q: Find the marginal cost, marginal revenue, and marginal profit functions. C(x) = 4x; R(x) = x³ + 5x +…

A: Marginal cost is the additional cost incurred by a firm by producing one extra unit and the…

Q: The inverse demand for shampoo is P = 30 – 0.03Q, where P is the price per bottle in dollars and Q…

A: Step 1:Inverse demand refers to the relationship between the price of a good or service and the…

Q: Given the following demand and cost functions: Demand: p = 3000 - 2x Cost: C = 1200x + 2600 Find the…

A: Profit is the difference between revenue and cost.  Revenue is the price multiply quantity…

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: Consider a manufacturer making leather cases with a market demand function (weekly) given by…

A: Profit refers to the difference between total revenue and total costs when producing and selling a…

Q: Price Sdomestic Po = $50 F E Ddomestic Qo=10 Quantity In the graph above, total variable cost of…

A: In the above graph, P0 = $50 Q0 = 10 Therefore, Total Variable Cost = P0 x Q0…

Q: 1. Assuming that the company sells all that it produces, what is the profit function? P(z) = Hint:…

A: Note: The question has more than three sub parts. We shall solve the first three sub parts at a…

Q: Use the table to find the required value:  Price $32 Quantity 400,000 Explicit Costs $3,500,000…

A: The economic cost is the sum of explicit cost and implicit cost.

Explicit and Implicit Cost Analysis

The entire idea of the cost of production or production cost is applied corresponding or we can say that it is related to money cost. Money cost refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factors of production or factor services.