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

Question

1 Approved Answer

Question 1 You manage a firm producing in a perfectly competitive industry. The firm's total cost function is given by TC = 20 + 30

image text in transcribed
Question 1 You manage a firm producing in a perfectly competitive industry. The firm's total cost function is given by TC = 20 + 30 + Q- meaning that it has a marginal cost of MC = 3+ 20. If the market price is constant at $15, how much should you produce to maximize profit and how much profit will you make? Output: units Profit: $ Ly Moving to another question will save this response

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

Capital Theory And Political Economy Prices, Income Distribution And Stability

Capital Theory And Political Economy Prices, Income Distribution And Stability

Authors: Lefteris Tsoulfidis

1st Edition

1351239414, 9781351239417

More Books

Students also viewed these Economics questions

Question

★★★★★
The income statement and the cash flows from the operating activities section of the statement of cash flows are provided below for Syntric Company. The merchandise inventory account balance neither...

Answered: 1 week ago

Question

★★★★★
9. Psychologists use regression mainly to: (a) Assess relationships between variables (b) Use the regression formula for further research (c) Look at differences between groups (d) None of the above

Answered: 1 week ago

Question

★★★★★
describe how work-time control can promote recovery.

Answered: 1 week ago

Question

★★★★★
1. Where is the conflict of interest in this CME relationship? 2. Do you think doctors are likely to be influenced by such promotional tactics? Why or why not? 3. If the pharmaceutical company is...

Answered: 1 week ago

Question

★★★★★
Which of these best reflects the convergence of real and digital worlds in mobile marketing? Multiple Choice A)the popularity of mobile phones with teenagers B)the use of a mobile device to scan...

Answered: 1 week ago

Question

★★★★★
John is teaching a class in statistics and notices several students are frowning and a couple have raised their hands to ask questions. What stage of the listening process is depicted in this...

Answered: 1 week ago

Question

★★★★★
8) Lant, a cash-basis taxpayer, owns a controlling interest in ABC, Inc. She told the bookkeeper of ABC not to write her dividend check until the beginning of January Year 2, even though all other...

Answered: 1 week ago

Question

★★★★★
The generally accepted principle of ethical behaviour is that it begins with: A B C D corporate leaders government leaders religious leaders you and me

Answered: 1 week ago

Question

★★★★★
A company that uses job order costing reports the following information for March. Overhead is applied at the rate of 60% of direct materials cost. The company has no beginning Work in Process or...

Answered: 1 week ago

Question

★★★★★
Jail and Sail: Alcatraz Tour and Cruise Contribution Income Statement Sales For the Month of July Less variable costs: Admission fees Overhead Hors d'oeuvres Selling and administrative Contribution...

Answered: 1 week ago

Question

★★★★★
Troy and Kristy Reynolds (both currently age 56) have determined that they will require retirement income equal to $93,000 in today's dollars, based on their current income. They plan to retire in...

Answered: 1 week ago

Question

★★★★★
The official stamp rule: We tend to have more confidence in information that is exempt from the Freedom of Information Act than if the same information was made readily available.

Answered: 1 week ago

Question

★★★★★
4. Based on a message you have recently received, analyse it in relation to its three components: a. the information component, b. its relational component and c. its hierarchical component.

Answered: 1 week ago

Question

★★★★★
3. Give an example of a problem or phenomenon in everyday life where information is presented in an emotional way.

Answered: 1 week ago

Previous Question Next Question