Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Microeconomics Expert

Economics


Home >> Microeconomics

Suppose the inverse demand function and cost function for a monopolist's product are given by:

P=5-Q and C(Q)=3Q

a) if the firm wishes to maximize total revenue, how much output should it produce?

b)if the firm wishes to maximize total revenue, what price should it charge?

c) at the revenue maximizing level of output and price, what is the elasticity of demand for the firm's product?

d) if the firm wishes to maximize profits, how much output should it produce?

e) if the firm wishes to maximize profits, what price should it charge?

f) what are the firm's maximum profits?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91035633
  • Price:- $30

Priced at Now at $30, Verified Solution

Have any Question?


Related Questions in Microeconomics

Question a assuming a competitive labor market use a labor

Question: a. Assuming a competitive labor market, use a labor supply and demand diagram to illustrate what will happen to wages and employment if the demand for the product being produced decreases. b. Assuming a monopso ...

Question a bond has a face value of 1000 with maturity date

Question: A bond has a face value of $1,000 with maturity date 20 years from today. The bond pays interest semiannually at a rate of 8% per year based on the face value. If the current rate of similar bonds is 6%, what i ...

Question in no-fault insurance anyone involved in an

Question: In no-fault insurance, anyone involved in an accident is compensated for losses, regardless of who actually caused it. What do you expect will happen to the volume of auto accidents if no-fault insurance replac ...

Question in october 2001 barry bonds of the san francisco

Question: In October 2001, Barry Bonds of the San Francisco Giants hit his record-setting 700th home run. After fan Alex Popov caught the ball, another fan, Patrick Hayashi, bumped him and grabbed the ball when he droppe ...

Question a newspaper headline reads state officials take on

Question: A newspaper headline reads: "State Officials Take on Pricing Regulations to Try to Provide Better, Dependable Income to Dairy Farmers." Is providing dependable income to dairy farmers a good policy goal for gov ...

Question during the 1990s the age cohort that grew the most

Question: During the 1990s, the age cohort that grew the most rapidly was the 45-54 cohort, which has the highest saving rate. Yet during that same period, the personal saving rate as reported by the BEA declined sharply ...

Question there are five horseracing tracks in kentucky the

Question: There are five horseracing tracks in Kentucky. The Kentucky legislature allows only one track to be open at a time. a. How will it affect the elasticity of demand for horse racing tickets? b. How does this rest ...

Question there are two goods in the economy anchovies a

Question: There are two goods in the economy, anchovies (a fish) and bananas (a farm product). Draw the economy's production possibilities before and after a natural disaster that lowers the banana harvest but does not a ...

Question 1 in january 2009 congress passed a major stimulus

Question: 1. In January 2009, Congress passed a major stimulus bill. The bill increased federal spending over several years; in 2010, stimulus spending was $385 trillion, or about 2 percent of GDP. According to the Offic ...

Question 1 explain the analogy between the intertemporal

Question: 1. Explain the analogy between the intertemporal optimum of the consumer (choice between current consumption C0and future consumption C1) and the optimum of the consumer at a moment of time (choice between cons ...

  • 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved