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

Question

1 Approved Answer

Suppose that a competitive firm has a total cost function of C(q) = 430 + 15q+ 2q- and a marginal cost function of MC(q) =

image text in transcribed

image text in transcribed
Suppose that a competitive firm has a total cost function of C(q) = 430 + 15q+ 2q- and a marginal cost function of MC(q) = 15+4q. If the market price is P = $139 per unit, find the level of output produced by the firm. Find the level of profit and the level of producer surplus. The level of output produced by the firm is q= units. (Enter a numeric response using an integer.)

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

Survey Of Economics

Survey Of Economics

Authors: Irvin B. Tucker

10th Edition

133711152X, 978-1337111522

More Books

Students also viewed these Economics questions

Question

★★★★★
Air at 15oC and 100 kPa enters the diffuser of a jet engine steadily with a velocity of 100 m/s. The inlet area is 0.2 m2. Determine (a) The mass flow rate of the air (m). (b) What-if Scenario: What...

Answered: 1 week ago

Question

★★★★★
Sketch the graph of each equation in Problems 3-30. \(y=-x^{3}\)

Answered: 1 week ago

Question

★★★★★
2 Some authors (McKergow & Clarke, 2005) see appreciative and solution- focused coaching as basically the same approach. What do you see as similarities and differences?

Answered: 1 week ago

Question

★★★★★
Janzen Inc. sells all of its product on account. Janzen has the following accounts receivable payment experience: Percent paid in the month of sale ..........20 Percent paid in the month after the...

Answered: 1 week ago

Question

★★★★★
how do I find the number of units started? Beginning WIP Inventory is 1,000 units; completed and transferred out were 3,900 units; and Ending WIP Inventory is 800 units. What is the number of units...

Answered: 1 week ago

Question

★★★★★
Colorful Paint Company is preparing a flexible budget for the month of September, using a contribution margin format. Staff have completed the budget if 12,000 units of product are produced and sold....

Answered: 1 week ago

Question

★★★★★
Current Attempt in Progress The following transactions of Beltville College transpired during 2025. The funds necessary are the Endowment Fund, the Annuity Fund, the Plant Fund-Unexpended, the Plant...

Answered: 1 week ago

Question

★★★★★
Given Information:" Enter a formula in the place of each "?" Make sure to use a conditional statement in cell D33. 1 Cash on hand at the company and not yet deposited at the bank. 5,475 2 EFT for...

Answered: 1 week ago

Question

★★★★★
B. Franc earns $15 an hour as a delivery driver. His company also pays him $30 a week for car maintenance. What is the function that describes Franc's weekly earnings? 1 answer

Answered: 1 week ago

Question

★★★★★
1. Matilda has been highly agitated for the past 2 weeks, particularly when watching TV. She believes that news stories about crimes occurring nationally are directed at her and that the reporters...

Answered: 1 week ago

Question

★★★★★
Greg, 40, and Melanie, 38, come to therapy with their son Adrian, who is 13. Greg explains that Adrian has always been a little different. He describes his son as a reader and a dreamer who was...

Answered: 1 week ago

Question

★★★★★
a three phase PWM rectifier is connected to a permanent magnet synchronous generator based wind turbine

Answered: 1 week ago

Question

★★★★★
4. Achieve our positive goals (1 and 3 are motivated by avoiding the negative, while 2 and 4 are motivated by the positive). b. Initiative: When I communicate with others, I think it is very...

Answered: 1 week ago

Question

★★★★★
18. In the statements below, put a cross for the statement you feel characterizes yourself best when you communicate with others. Its not necessarily the way you know you should communicate, but the...

Answered: 1 week ago

Question

★★★★★
10. What activities in your life best express the value you want others to associate with you?

Answered: 1 week ago

Previous Question Next Question