Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 Suppose that a firm has estimated it's inverse demand curve as P= 1 267 . 0.08q. where P if the price per unit and

image text in transcribed
1 Suppose that a firm has estimated it's inverse demand curve as P= 1 267 . 0.08q. where P if the price per unit and qis the quantity of units produced What R the firm's marginal revenue equal to when it produces 2.644 units? Please round to two decimal places. [no arower) Comed Answer 043.96 2 You're running a small firm, and you have an estimate of both your cost function and your demand curve. Your cost function is TC-731-170+4 2 while your Inverse demand curve is P-809-0.5q where P is the price of one unit of your output and a is the quantity of units produced and sold If you wanted to maximize revenue, what quantity would you produce? Please round your answer to the nearest whole number fuel no decimal places Ino answer] Correct Ammer BOP

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Economics questions

Question

Describe the criteria for an effective budget.

Answered: 1 week ago