A firm has a supply function given by S(p) = 4p. Its fixed costs are 100. If
Question:
A firm has a supply function given by S(p) = 4p. Its fixed costs are 100. If the price changes from 10 to 20, what is the change in its profits?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 84% (13 reviews)
At 10 the supply is 40 and at 20 the supply is 80 The p...View the full answer
Answered By
Ayush Mishra
I am a certified online tutor, with more than 3 years of experience in online tutoring. My tutoring subjects include: Physics, Mathematics and Mechanical engineering. I have also been awarded as best tutor for year 2019 in my previous organisation. Being a Mechanical Engineer, I love to tell the application of the concepts of science and mathematics in the real world. This help students to develop interest and makes learning fun and easy. This in turn, automatically improves their grades in the subject. I teach students to get prepared for college entry level exam. I also use to teach undergraduate students and guide them through their career aim.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
A perfectly competitive market has 1,000 firms. In the very short run, each of the firms has a fixed supply of 100 units. The market demand is given by Q = 160,000 10,000P a. Calculate the...
-
A: Suppose a firm produces x using a technology that emits pollution through smokestacks. The firm must ensure that it has sufficient pollution vouchers v to emit the level of pollution that escapes...
-
A: Suppose a firm employs labor and capital k to produce output x using a homothetic, decreasing returns to scale technology. (a) Suppose that, at the current wage w, rental rate r and output price...
-
Show the income statement, cash flow statement and balance sheet of the company at 31/12/2020 if: 1. The company start its operations on June 1st, 2020. Over the period, it sells 50 laptop for $400....
-
The case deals with labor disputes in a unionized hospital. (For the case, go to www.cengage.com/management/mathis or visit the instructor companion website.) 1. Discuss the hospital administrator's...
-
Some studies have shown that, for certain ethnic groups, the incidence of melanoma (the most dangerous form of skin cancer) increases as latitude decreases. State the correlation clearly. Then state...
-
Find a video on deposition preparation that is available online. As a paralegal, how can you assist in preparing a client for deposition?
-
Wendy's Wind Toys manufactures decorative kites, banners, and windsocks. During the month of January, Wendy received orders for 3,000 Valentine's Day banners and 1,200 Easter kites. Because several...
-
Consider the adjacent figure. Suppose the price is $300 per unit. The firm's profit-maximizing price will be $ The firm's profit-maximizing quantity will be The firm's profit or loss is equal to $...
-
According to a Pew Research Center survey 30% of graduates who had student loans are delinquent (90 or more days behind in their payments. Suppose that a survey of 10 such graduates is taken. a. What...
-
When prices are (p 1 , p 2 ) = (1,2) a consumer demands (x 1 ,x 2 ) = (1,2), and when prices are (q 1 , q 2 ) = (2,1) the consumer demands (y 1 , y 2 ) = (2,1). Is this behavior consistent with the...
-
If the long-run cost function is c(y) = y 2 + 1, what is the long-run supply curve of the firm?
-
What are the issues that arise when two people try to share leadership? What is likely to contribute to the success or failure of such a partnership?
-
Which of the following best describes the relationship between business obkjectives, strategies, processes, controls, and transactions? a. To achieve its objectives, a business formulates strategies...
-
What is the difference between pound-mass and pound-force?
-
Which of the following statements best describes management's and the external auditor's respective levels of responsibility for a public company's financial statements? a. Management and the...
-
What does the auditor need to consider in determining the nature, timing and extent of tests of control?
-
Which of the following statements best describes the role of materiality in a financial statement audit? a. Materiality refers to the material from which audit evidence is developed. b. The higher...
-
How likely are you to vote in the next presidential election? A random sample of 300 adults was taken, and 192 of them said that they always vote in presidential elections. a. Construct a 95%...
-
Juarez worked for Westarz Homes at construction sites for five years. Bever was a superintendent at construction sites, supervising subcontractors and moving trash from sites to landfills. He...
-
The production function for fragles is f (K, L) = L/2 + K, where L is the amount of labor used and K the amount of capital used. (a) There are (constant, increasing, decreasing) _______ returns to...
-
General Monsters Corporation has two plants for producing juggernauts, one in Flint and one in Inkster. The Flint plant produces according to fF (x1, x2) = min{x1, 2x2} and the Inkster plant produces...
-
You manage a crew of 160 workers who could be assigned to make either of two products. Product A requires 2 workers per unit of output. Product B requires 4 workers per unit of output. (a) Write an...
-
Drive-With-Us (Pty) Ltd ("DWU") is a rental company that has three mutually exclusive rental projects to undertake. Management believes that the success of the projects will depend on consumers...
-
What method would you use to confirm your authority to present information for your organisation? Who would you seek authority from if a new client asked for information on your organisation's...
-
Provide a memo Toyota, troubled by its suppliers After gruaduate you immediately joined the workforce. Searching for a high-tech company to work at with a highly innovative culture and high employee...
Study smarter with the SolutionInn App