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

Question

1 Approved Answer

Suppose a firm's inverse demand curve is given by P=120-0.05Q( where p is price in$andQ is number of units demanded) and its cost of function

Suppose a firm's inverse demand curve is given by P=120-0.05Q( where p is price in$andQ is number of units demanded) and its cost of function is cost per unit is fixed value of 50$.find the firm's optimal quantity, price,,and profit by using the profit and margin profit equation

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

Dynamic Business Law

Dynamic Business Law

Authors: Nancy Kubasek

1st Edition

0073524913, 9780073524917

More Books

Students also viewed these Economics questions

Question

★★★★★
During the Irish potato famine of the mid-1800s, potato blight caused a massive reduction in the supply of potatoes. The price of potatoes soared to historically unprecedented levels. Use this...

Answered: 1 week ago

Question

★★★★★
Turf Company purchases a 30% interest in Minnie Company for $90,000 on January 1, 2015, when Minnie has the following stockholders equity: The excess cost was due to a building that is being...

Answered: 1 week ago

Question

★★★★★
1. Can they separate relevant from irrelevant information?

Answered: 1 week ago

Question

★★★★★
A simplified representation for cooling in very large-scale integration (VLSI) of microelectronics is shown in the sketch. A silicon chip is mounted in a dielectric substrate, and one surface of the...

Answered: 1 week ago

Question

★★★★★
What is meant by the term triple bottom line? How does this concept square with the financial objective of a firm to maximize shareholder wealth? What are the impacts to society of maximizing...

Answered: 1 week ago

Question

★★★★★
The NYSE has several specific criteria regarding the independence of board members. What are they, and, given these standards, do you see problems involving Board Independence? Discuss and, if you...

Answered: 1 week ago

Question

★★★★★
Explain the process of Human Resource Planning.

Answered: 1 week ago

Question

★★★★★
Preparing Financial Statements and Closing Process Beneish Company has the following account balances at December 31, the end of its fiscal year. Debit Credit Cash . . . . . . . . . . . . . . . . . ....

Answered: 1 week ago

Question

★★★★★
Financial Statement Preparation: Prepare the income statement, balance sheet, and cash flow statement for a given company using provided trial balance data.

Answered: 1 week ago

Question

★★★★★
Owen's Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of...

Answered: 1 week ago

Question

★★★★★
For this activity, utilize the five - step process and the following data set. ( 2 5 pts ) The two populations are: Population A: Mean = 7 9 , ???? ???? = 7 Population B: ( sample of one ) : Raw...

Answered: 1 week ago

Question

★★★★★
f(x) = {(x + 4 Given the function 3x+2x Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★
1. Explain the following statements: a) Objective reality is always subjectively interpreted. b) What we know depends on whom we got to know it from.

Answered: 1 week ago

Question

★★★★★
4. Give examples from your everyday life where the process affects the result, but where the result also affects the process.

Answered: 1 week ago

Question

★★★★★
6. Give examples of circular patterns in a communication situation that you have participated in, where element A affects B, and B affects A.

Answered: 1 week ago

Previous Question Next Question