A retiree from a large Atlanta financial services firm decides to keep busy and supplement her retirement
Question:
Demand: p = 2000 - 4.5x
Supply: p = 100 + 0.25x
(a) Find the market equilibrium quantity and price for this market.
(b) If Sand Dollar Art's monthly cost function is C(x)=400+100x+x2 find the profit-maximizing monthly quantity. What are the total monthly revenues and total monthly costs? What monthly profit does Sand Dollar Art earn?
(c) Assuming that Sand Dollar Art is representative of firms in this competitive market, what is its market share?
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Related Book For
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
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