18.
A firm faces the following demand:
Q = 144 - 0.42P
The firm's cost function is:
C = 3Q2 + 164Q + 1,285
Find the quantity, Q, that maximizes profit. Round your answer to one decimal.
16.
Demand is given by:
Q = 2000 - 116P + 2P' + 18Y, and P = 6, P' = 6, and Y = 4
Calculate the Price Elasticity of Demand at P = 6? Round your answer to two decimal places.
15.
The cross-price elasticity of demand for a good is 0.8, and consumers currently purchase 118 units of the good.
Find the change in units demanded when the price of the related good changes 9 percent. Round your answer to one decimal place.
13.
Suppose you are told that the total revenue and cost functions are:
R(Q) = 22Q2 + 13Q + 64
C(Q) = 9Q2 + 21Q + 34
What is the profit (or loss) when Q = 48? Round your answer to one decimal place.
18.
A firm faces the following demand:
Q = 144 - 0.42P
The firm's cost function is:
C = 3Q2 + 164Q + 1,285
Find the quantity, Q, that maximizes profit. Round your answer to one decimal.
16.
Demand is given by:
Q = 2000 - 116P + 2P' + 18Y, and P = 6, P' = 6, and Y = 4
Calculate the Price Elasticity of Demand at P = 6? Round your answer to two decimal places.
15.
The cross-price elasticity of demand for a good is 0.8, and consumers currently purchase 118 units of the good.
Find the change in units demanded when the price of the related good changes 9 percent. Round your answer to one decimal place.
13.
Suppose you are told that the total revenue and cost functions are:
R(Q) = 22Q2 + 13Q + 64
C(Q) = 9Q2 + 21Q + 34
What is the profit (or loss) when Q = 48? Round your answer to one decimal place.
Related textbook solutions
Related questions
1. You are given costs for a firm in the following table.
| Quantity | Total Cost | Variable Cost | Fixed Cost | Marginal Cost |
| 10 | 35.7 | ? | $10 | ? |
| 11 | ? | 47.8 | ? | ? |
| 12 | ? | ? | ? | 32 |
From the information given, calculate the Average Variable Cost when the firm produces 12 units. Round your answer to one decimal.
2.
Demand is given by:
Q = 2000 - 223P + 8P' + 180Y, and P = 8, P' = 9, and Y = 4
Calculate the Income Elasticity of Demand at Y = 4? Round your answer to two decimal places.
3.
Suppose the cost function is C(Q) = 49 + 5Q + 6Q2 + 8Q3. What is the average fixed cost of producing 79 units?
Please round answer to one decimal place.
4.
A firm faces the following demand:
Q = 109 - 0.21P
The firm's cost function is:
C = 5Q2 + 99Q + 1,896
How much profit does this firm earn when it produces the quantity, Q, that maximizes profit?
