Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

Marginal Cost: Find the price at which the firm sells the product.

Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the price elasticity of demand for the product it sells is (-)3. Find the price at which the firm sells the product. (Use equation (3012) and to maximize the profits, MR has to equal MC.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M925772

Have any Question? 


Related Questions in Business Economics

Having rejected a tariff on steel that is a tax on steel

Having rejected a tariff on steel (that is, a tax on steel imports), the Prime-Minister of Isoland (a small open economy) is now considering a specific tax on all steel consumption in isoland (both domestically sources s ...

Choose three companies you believe the first builds

Choose three companies. You believe the first builds customer value through product excellence, the second through operational excellence, and the third through customer excellence. Justify your answer.

Productivity is the major driver of economic growth in the

Productivity is the major driver of economic growth in the United States, accounting for about half of the increase in real GDP over time. Between 1996 and 2001, productivity showed no trend and averaged about 2.7 percen ...

Use the economic way of thinking to answer three of the

Use the economic way of thinking to answer three of the following four questions. Be sure to answer each in at least two complete sentences. Provide page references to CSE and other learning materials when appropriate. W ...

Discuss the impact of major accountingfinancial scandals on

Discuss the impact of major accounting/financial scandals on investors’ asset preferences. In your opinion how do the scandals affect foreign markets? Discuss two macro variables that affect changes in interest rates/or ...

The homework essay assignment is due on the last day of

The Homework Essay Assignment is due on the last day of Session 3 and needs to be submitted to your Assignment folder in the folder with the title Homework. The essay topic is: Identify one major challenge (i.e. technolo ...

What are public goods and services how do these differ from

What are public goods and services? How do these differ from private goods and services? Why can’t public goods and services be provided through market exchange? Give examples to support your answer?

Suppose in the united states one worker can produce 10 tons

Suppose in the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. The Un ...

Discussion questiona union was having a dispute with a

Discussion Question A union was having a dispute with a business. As part of a protest by the union, several members displayed a ten-foot-tall inflatable rat-shaped balloon on the sidewalk in front of the business. The C ...

During a year of operation a firm collects 175000 in

During a year of operation, a firm collects $175,000 in revenue and spends $80,000 on raw materials, labor expense, utilities, and rent. The owners of the firm have provided $500,000 of their own money to the firm instea ...

  • 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