Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10 points Suppose that a firm has estimated its demand curve as q = 45,011 - 13P, where P is the price per unit and

image text in transcribed
10 points Suppose that a firm has estimated its demand curve as q = 45,011 - 13"P, where P is the price per unit and q is the quantity of units produced. What is the firm's marginal revenue equal to when it produces 2,101 units? Please round to two decimal places. (Hint: this is the demand, not the inverse demand!) Type your answer. 6 10 points You have estimated that your firm's total cost function for a particular product is TC = 97+2q-1q^2+5q^3, where TC is total cost and q is units of output. What is the firm's marginal cost for this product when producing 112 units? Type your

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

Microeconomics

Authors: Robert Pindyck, Daniel Rubinfeld

9th Edition

0134184246, 9780134184241

More Books

Students also viewed these Economics questions