1.
Demand is given by:
Q = 2000 - 166P + 6P' + 12Y, and P = 9, P' = 4, and Y = 2
How many units are purchased by consumers? Round you answer to one decimal.
2.
Demand is given by:
Q = 2000 - 187P + 99P' + 17Y, and P = 9, P' = 7, and Y = 3
Calculate the Cross-Price Elasticity of Demand at P' = 7? Round you answer to two decimals.
3.
You are given the following demand function:
P = 1,972 - 10Q
Find the quantity (Q) that maximizes these firms revenue? Round your answer to one decimal point
4.
You are given the following demand function:
P = 521 - 5Q
Calculate marginal revenue for Q = 18? Round your answer to one decimal point.
5.
A firm has a constant marginal cost of $11.1. Calculate the profit-maximizing price when the firm faces a constant price elasticity of demand equal to -2.27. Round your answer to two decimals.
1.
Demand is given by:
Q = 2000 - 166P + 6P' + 12Y, and P = 9, P' = 4, and Y = 2
How many units are purchased by consumers? Round you answer to one decimal.
2.
Demand is given by:
Q = 2000 - 187P + 99P' + 17Y, and P = 9, P' = 7, and Y = 3
Calculate the Cross-Price Elasticity of Demand at P' = 7? Round you answer to two decimals.
3.
You are given the following demand function:
P = 1,972 - 10Q
Find the quantity (Q) that maximizes these firms revenue? Round your answer to one decimal point
4.
You are given the following demand function:
P = 521 - 5Q
Calculate marginal revenue for Q = 18? Round your answer to one decimal point.
5.
A firm has a constant marginal cost of $11.1. Calculate the profit-maximizing price when the firm faces a constant price elasticity of demand equal to -2.27. Round your answer to two decimals.
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?
1. Suppose that a monopolistically competitive firm must build a production facility to produce a product. The fixed cost of this facility is FC = $24. Also, the firm has a constant marginal cost, MC = $3. Demand for the product that the firm produces is given by P = 27-3Q.
a) Fill in the table below. If any of your values have decimals, you may round to only one numeral after the decimal (nearest 10th of a dollar).
|
Output |
Price |
Total Cost |
Average Total Cost |
Total Revenue |
Profits |
|
1 |
|||||
|
2 |
|||||
|
3 |
|||||
|
4 |
|
||||
|
5 |
7.8 |
||||
|
6 |
|
||||
|
7 |
6.4 |
||||
|
8 |
|||||
|
9 |
5.7 |
b) How much output will this firm produce if it maximizes profit?
c) What price should this firm charge if it wants to maximize profit?
