Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given the equations: P = 510 - 3Q TC = 300 + 30Q + 0.2Q 2 Where P = price Q = quantity TC =
Given the equations:
P = 510 - 3Q
TC = 300 + 30Q + 0.2Q2
Where P = price
Q = quantity
TC = total cost
- Marginal revenue (MR) is computed as
A. MR = 210 - 3Q | C. MR = 510 - 3Q |
B. MR = 210 - 6Q | D. MR = 510 - 6Q |
- Marginal cost (MC) is computed as
A. MC = 30 + 0.2Q | C. MC = 30 + 0.4Q |
B. MC = 330 + 0.4Q | D. MC = 330 + 0.2Q |
- The maximum profit, given these two equations, is
A. 21,375 | C. 13,675 |
B. 17,700 | D. 16,200 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started