Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 22, 2024

QUESTION 1 In a competitive market firm, the operating expenses for a company called SIC Incorporated is given as followed: TC = 361,250 + 5Q

QUESTION 1

In a competitive market firm, the operating expenses for a company called SIC Incorporated is given as followed:

TC = 361,250 + 5Q + 0.0002Q²and MC = 5 + 0.0004Q

where TC is total cost per year, MC is marginal cost, and Q is the amount of output. The price per unit of output is RM25.

a. What is the optimal output of the firm?

b.Given your answer in (a), find the maximum economic profit of the firm.

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

Recommended Textbook for

Microbiology A Systems Approach

Authors: Marjorie Kelly Cowan

5th Edition

1259947963, 9781259947964

More Books

Students also viewed these Economics questions

Question

★★★★★

In each of the following cases, find the unknown variable. Ignore taxes. Unit variable cost $30 56 Accounting break-even Unit price Fixed costs Depreciation 95.300 143,806 7,835 $41 S 820,000...

Answered: 1 week ago

Question

★★★★★

1. Analyze Ritas last statement: We really dont communicate very well. What is the status of manager subordinate communication in this work relationship? 2. It was said in this chapter that...

Answered: 1 week ago

Question

★★★★★

=+25. Computer chip manufacturing. MediaChip manufactures computer chips specifically for MP3 players. The process uses sophisticated lasers to imprint several hundred chips

Answered: 1 week ago

Question

★★★★★

Terrific Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2016: Stockholders' Equity Paid-In Capital: Preferred Stock8%, ? Par Value; 600,000...

Answered: 1 week ago

Question

★★★★★

Blossom, Inc., is a small company that manufactures three versions of patio tables. Unit information for its roducts follows Sales price Direct materials Direct labor Variable manufacturing overhead...

Answered: 1 week ago

Question

★★★★★

Part A The figure shows an electron entering a parallel-plate capacitor with a speed of 5.75106 m/s. The electric field of the capacitor has deflected the electron downward by a distance of 0.618 cm...

Answered: 1 week ago

Question

★★★★★

Consider the following multifactor (APT) model of security returns for a particular stock. Factor Inflation Industrial production Oil prices Factor Beta Factor Risk Premium 0.9 8% 0.5 0.2 11 7 a. If...

Answered: 1 week ago

Question

★★★★★

A Risk Versus Reward Approach to Market Research Case study 1. What are the pros and cons of each of the three options under consideration? 2. Which option do you think will yield the most long-term...

Answered: 1 week ago

Question

★★★★★

One of your commonly used laboratory instantaneous test signal voltages (vs) is described by the equation... Vs = 8sin (2nft -7) where f = 500 kHz and t, represents time. Make the time t, the subject...

Answered: 1 week ago

Question

★★★★★

Steve's assertion that the muffler sounded like a tank is likely a symptom of _______? 1) posttraumatic stress disorder 2) acute intoxication 3) affect dysregulation 4) avoidant personality disorder

Answered: 1 week ago

Question

★★★★★

Change is a difficult thing to navigate for many people and many organizations, but change is needed to grow. Employees and employers alike need managers to support change and go beyond accepting it...

Answered: 1 week ago

Question

★★★★★

If a company had a property, plant & equipment (PP&E) balance of $100m in the prior period and incurred $25m in capital expenditures and $5m in depreciation during the current period - what is the...

Answered: 1 week ago

Question

★★★★★

12. Think of a situation where you felt particularly powerless. It must be a real event that you remember relatively well. Try to think back. What was it you imagined just before you felt powerless...

Answered: 1 week ago

Question

★★★★★

13. Try to imagine how you would feel if you had tackled the problem, the con-flict, the challenge, etc., that made you powerless in task 12, for example upstairs, confident, confident, calm,...

Answered: 1 week ago

Question

★★★★★

15. Ask yourself the following questions: What do you want to remember from your everyday experiences? These are the experiences that fill most of your life. They may take 9099% of your time. What do...

Answered: 1 week ago

Previous Question Next Question