Anthonys Bees is an Internet e-tailer that sells equipment to aspiring beekeepers. A complete starter kit in
Question:
Anthony’s Bees is an Internet e-tailer that sells equipment to aspiring beekeepers. A complete starter kit in this competitive market sells for $900. Anthony’s total costs are given by TC = 3Q3, ,where Q is the number of starter kits he sells each month. The corresponding marginal cost of producing beehives is MC = 9Q2.
a. How many starter kits should Anthony sell each year in order to maximize his profits?
b. How much profit will Anthony earn?
c. If Anthony were to sell one extra beehive each month, what would happen to his profits? One fewer? Are these results consistent with your answer to (a)?
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a To find Anthonys profitmaximizing level of output equat...View the full answer
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ISBN: 9781319105563
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