Suppose that the market is comprised of a single firm, which faces a de- mand curve of P = 110 − 3Q, and total costs of T C = 500 + 9Q + 0.1Q2. (a) What quantity maximizes total revenue? (b) What would profit be if the firm produced that quantity? (c) What quantity minimizes per unit costs? (d) What would profit be if the firm produced that quantity? (e) What quantity maximizes the firm’s profit? (f) What would profit be if the firm produced that quantity
Suppose that the market is comprised of a single firm, which faces a de- mand curve of P = 110 − 3Q, and total costs of T C = 500 + 9Q + 0.1Q2. (a) What quantity maximizes total revenue? (b) What would profit be if the firm produced that quantity? (c) What quantity minimizes per unit costs? (d) What would profit be if the firm produced that quantity? (e) What quantity maximizes the firm’s profit? (f) What would profit be if the firm produced that quantity
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter11: Price-searcher Markets With High Entry Barriers
Section: Chapter Questions
Problem 14CQ
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Question
Suppose that the market is comprised of a single firm, which faces a de-
mand curve of P = 110 − 3Q, and total costs of T C = 500 + 9Q + 0.1Q2.
(a) What quantity maximizes total revenue?
(b) What would profit be if the firm produced that quantity?
(c) What quantity minimizes per unit costs?
mand curve of P = 110 − 3Q, and total costs of T C = 500 + 9Q + 0.1Q2.
(a) What quantity maximizes total revenue?
(b) What would profit be if the firm produced that quantity?
(c) What quantity minimizes per unit costs?
(d) What would profit be if the firm produced that quantity?
(e) What quantity maximizes the firm’s profit?
(f) What would profit be if the firm produced that quantity
(e) What quantity maximizes the firm’s profit?
(f) What would profit be if the firm produced that quantity
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