If the cost function for John's Shoe Repair is (C(q)=100+10 q-q^{2}+frac{1}{3} q^{3}), and its marginal cost function
Question:
If the cost function for John's Shoe Repair is \(C(q)=100+10 q-q^{2}+\frac{1}{3} q^{3}\), and its marginal cost function is \(M C=10-2 q+q^{2}\), what is its profit-maximizing condition given that the market price is \(p\) ?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
To find the profitmaximizing condition for Johns Shoe Repair given the market price ...View the full answer
Answered By
Rashmi Raturi
I am an Applied Statistics Master's student and, at the same time, a Postgraduate Diploma in Education student. I hold first-class honors in BS (mathematical statistics option). I am a talented, excellent, and exceptional tutor. I handle assignments professionally and in a timely manner. I'm an experienced research writer keen on detail and instruction, and I deliver 100% quality, plagiarism-free work within the required time. I am an expert in assignments and projects in the following subjects: mathematics, statistics, communication, health care, religion and law, B.A. history, English literature, philosophy, financial analysis, business management and economics, psychology, and sociology. My papers are a guarantee of original and well-researched academic papers that are way above recommended standards and quality.
4.50+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
If each cord can support a maximum tension of 500 lb determine the largest weight that can be supported by the pulley system. Each pulley has a weight of 10 lb. A B: 2 in. C 2 in. 2 in. P
-
CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...
-
If the cost function for John's Shoe Repair is C(q) = 100 + 10q - q2 + 13 q3, what is the firm's marginal cost function? What is its profit-maximizing condition if the market price is p? What is its...
-
The light bulbs produced by Edison Lighting Corporation last an average of 300 h. The life of the light bulbs is believed to follow a normal distribution with a standard deviation of 10. A customer...
-
Your friend says that the equivalent (combined) resistance of resistors connected in parallel is always less than the resistance of the smallest resistor. Do you agree?
-
If a stone is thrown vertically upward from the surface of the moon with a velocity of 10 m/s, its height (in meters) after t seconds is h = 10t 0.83t2. (a) What is the velocity of the stone after 3...
-
Consider the following cash flow profile and assume MARR is 10 percent/year. a. Determine the IRR(s) for this project. b. Is this project economically attractive? EOY 0 1 2 3 4 5 6 NCF -$101 $411...
-
Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1,900 units of Product B was received. The standard cost of one unit of...
-
Using less human effort, less manufacturing space, less investment in tools, and less engineering time is the basic premise of Blank______. Multiple choice question. flexible manufacturing mass...
-
If a competitive firm's cost increases due to an increase in the price of a factor of production or a tax, the firm's manager can quickly determine by how much to adjust output by calculating how the...
-
The Canadian metal chair manufacturing market has \(n=78\) firms. The estimated 8.1 elasticity of supply is \(\eta_{0}=3.1\), and the estimated elasticity of demand is \(=-1.1\). Assuming that the...
-
The manager at a local bank noticed that after a new information system was installed at the bank, some of the customer transactions were not getting posted. The manager knew that this problem could...
-
1. What is leadership, and why is leadership vital to successful health organizations? Write a paragraph that supports your definition and another paragraph explaining why health organizations need...
-
Conduct an analysis of the communication strategy of General Motors and its leadership. What are the strengths and weaknesses observed in this strategy?
-
How are you being influenced and persuaded? In what ways are you being influenced? 0 Who or what influences you to take action? 0 Are you always aware of when you are being influenced? 0 What are...
-
a. As a business student, why is it important to know the process of corporate re-engineering and re-structuring strategies in conducting business? b. Why do corporation expand their operations in...
-
What are the core principles in the (ECA Code of Ethics) that reflect a commitment to working collaboratively with families and children to build respectful relationships.
-
If a wire of resistance R is stretched uniformly so that its length doubles, by what factor does the power dissipated in the wire change, assuming it remains hooked up to the same voltage source?...
-
In the series connection below, what are the respective power consumptions of R, R2, and R3? R R www 4 V=6V P1-3 W; P2=3W; and P3= 3 W OP10.5 W; P2-1 W; and P3= 1.5 W P1=1.5 W; P2=1 W; and P3= 0.5 W...
-
Figure shows that for any given demand curve for the right to pollute, the government can achieve the same outcome either by setting a price with a corrective tax or by setting a quantity with...
-
Think about the goods and services provided by your local government. a. Using the classification in Figure, explain which category each of the following goods falls into: Police protection Snow...
-
Both public goods and common resources involve externalities. a. Are the externalities associated with public goods generally positive or negative? Use examples in your answer. Is the free-market...
-
Questions How do you effect service on a partnership?Also Identify the Rule. When can you serve a Notice of Application by email if the respondent is an individual? Identify the Rule Julie...
-
Task 2: Processes to respond to concerns Complete the following table to explain strategies you could use to respond to concerns and discrepancies betweenwhat is required by legislation and what is...
-
In 1995, Able purchased a parcel of real property described as "Lot 1 in Block 'A' in the City of Grover." In November 1996, Able conveyed a portion of Lot 1 to Baker by deed, which provided that he...
Study smarter with the SolutionInn App