FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with this practice question. This is the full question. You manage a rm producing in a perfectly competitive industry. The firm's total cost

Please help with this practice question. This is the full question.

image text in transcribed
You manage a rm producing in a perfectly competitive industry. The firm's total cost function is given by TC = 8 + Q + CLBQ2 meaning that it has a marginal cost of MC =1 + Q. If the market price is constant at $9, how much should you produce to maximize profit and how much prot will you make? Output: units Prot: :5

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

Intermediate Microeconomics and Its Application

Intermediate Microeconomics and Its Application

Authors: walter nicholson, christopher snyder

11th edition

9781111784300, 324599102, 1111784302, 978-0324599107

More Books

Students also viewed these Economics questions

Question

★★★★★
One cold and windy winter day, Zach notices a humming sound coming from his chimney when the chimney is open at the top and closed at the bottom. He opens the chimney at the bottom and notices that...

Answered: 1 week ago

Question

★★★★★
With reference to the van Deemter equation explain thorougly wether separation may be expected to improve in an LSC column with a 5micrometer particle size or the one with a 20micrometer particle...

Answered: 1 week ago

Question

★★★★★
9. The head of a public interest group observed in 2011 that a lengthy pay freeze, increased employee pension contributions, limited bonuses for outstanding employees, and a hiring freeze will...

Answered: 1 week ago

Question

★★★★★
During the last week of August, Apache Arts Companys owner approaches the bank for an $80,000 loan to be made on September 2 and repaid on November 30 with annual interest of 12%, for an interest...

Answered: 1 week ago

Question

★★★★★
Please help with this practice question. This is the full question. You manage a rm producing in a perfectly competitive industry. The firm's total cost function is given by TC = 8 + Q + CLBQ2...

Answered: 1 week ago

Question

★★★★★
does a simple graph that has five vertices each of degree 3 exist? if so, draw such grsph. if not, explain why no such graph exist

Answered: 1 week ago

Question

★★★★★
Which country has cumulatively emitted the most carbon dioxide into the atmosphere since the beginning of the industrial revolution? United States O China Japan O India O United Kingdom

Answered: 1 week ago

Question

★★★★★
Question 3. What are the main objectives of job design and provide and example of how it may impact operations. 10 marks

Answered: 1 week ago

Question

★★★★★
1. A 240-kg motorcycle and 70-kg rider are travelling on a horizontal road. The air resistance acting on the rider-bike system is 1280 N [backward]. The coefficient of kinetic friction between the...

Answered: 1 week ago

Question

★★★★★
What can we conclude about the birth and death rates for these countries? The average birth rate is more than triple the death rates which suggests that the world population is growing The average...

Answered: 1 week ago

Question

★★★★★
On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its defined benefit pension plan: Service cost $95,610 Interest cost on projected benefit obligation...

Answered: 1 week ago

Question

★★★★★
5. Suppose that a monopolist can segregate his buyers into two different groups to which he can charge two different prices. In order to maximize profit, the monopolist should charge a higher price...

Answered: 1 week ago

Question

★★★★★
7. U.S. pharmaceutical companies charge different prices for prescription drugs to buyers in different nations, depending on elasticity of demand and government-imposed price ceilings. Explain why...

Answered: 1 week ago

Question

★★★★★
3. Use the following demand schedule to calculate total revenue and marginal revenue at each quantity. Plot the demand, totalrevenue, and marginal-revenue curves, and explain the relationships...

Answered: 1 week ago

Previous Question Next Question