Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

Microeconomics - Profit maximization, elasticity, marginal

The Alvin Corporation is the only producer of a particular type of laser. The demand curve for its product is
Qd = 8,300 -2.1P
And its total cost function is
TC = 2,200 + 480Q +20Q²

Where P is price (in dollars), TC is total cost (in dollars), and Q is monthly output

a. To maximize profit, how many lasers should the firm produce and sell per month?

b. If this number were produced and sold, what would be the firm's monthly profit?

c. Is demand elastic, inelastic or unit elastic at the profit maximizing price - quantity combination?

d. What is the excess of price over the marginal cost at the profit maximizing price-quantity combination?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M925920

Have any Question? 


Related Questions in Business Economics

Martin company faces a fixed cost of 600000 an average

Martin Company faces a fixed cost of $600,000; an average variable cost of $2. The unit price of the good sold by Martin Company is $3. To break-even, Martin Company has to produce NEED ANSWER quantity of goods. If the c ...

Describe how a manager who derives satisfaction from both

Describe how a manager who derives satisfaction from both income and shirking allocates a 10-hour day between these activities when paid an annual, fixed salary of $130,000. Time spent working: Time spent shirking: When ...

After reading the article usa comes up a bit short in

After reading the article U.S.A comes up a bit short in global Better Life Index and comparing the relative ranking of U.S. GDP to other countries, what is the link between wealth and well-being? Do governments have a re ...

Show transcribed image text the following equation is part

Show transcribed image text The following equation is part of a nutrition-based efficiency wage model: Total calories Cals were regressed on the number of meals MG given to guests at ceremonies, the number of meals ME gi ...

Suggest three 3 strategies that a public leader could use

Suggest three (3) strategies that a public leader could use in order to do the following: persuade other governmental departments to work collaboratively to reduce financial burdens, increase sufficiency in the delivery ...

Nobel laureate paul samuelson said that comparative

Nobel laureate Paul Samuelson said that comparative advantage is one of the few ideas in economics that is both "true and not obvious." Since it's not obvious, we should practice with it a bit. In each of the following c ...

Explain briefly how each of the following transactions

Explain briefly how each of the following transactions would affect a company's balance sheet. (Remember that assets must equal liabilities plus owners' equity before and after the transaction.) a. Sale of used equipment ...

Please answer each question using specific examples of what

Please answer each question using specific examples of what you would do. Investigate the answers deeply. 1. Antivirus Program Not Updating You are attempting to update your antivirus program with the latest virus defini ...

For individuals who are holding money or fixed dollar value

For individuals who are holding money or fixed dollar value assets, inflation has the effect of: A. improving their ability to purchase goods and services with those dollars B. reducing their ability to purchase goods an ...

Suppose sam and kevin can produce pens and pencils as shown

Suppose Sam and Kevin can produce pens and pencils as shown in the table below. Pens Pencils Sam 12 hours 8 hours Kevin 4 hours 6 hours  Who has a comparative advantage in producing pens? Who has a comparative advantage ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate