Question: If the cost function for Johns Shoe Repair is C(q) = 100 + 10q - q 2 + 1/3q 3 , and its marginal cost

If the cost function for John’s Shoe Repair is C(q) = 100 + 10q - q² + 1/3q³, and its marginal cost function is MC = 10 - 2q + q², what is its profit-maximizing condition given that the market price is p?

Step by Step Solution

★★★★★

3.31 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Cq 100 10q q 2 13q 3 MC 10 2q q 2 For a compe... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Microeconomics Principles Questions!

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...

If the cost function for a particular good is C(x) = 3x2 + 6x + 600, what is the (a) Marginal cost function? (b) Marginal cost if 30 units are produced? (c) Interpretation of your answer in part (b)?

If the cost function for a commodity is C(x) = x3 - 4x2 + 30x + 20 dollars find the marginal cost at x = 4 units and tell what this predicts about the cost of producing 1 additional unit and 3...

3) Assume that the market is perfectly competitive. If the cost function for John's Shoe Repair is C (q) = 100 + 10q q2 + if, what is the rm's marginal cost function? What is its prot-maximizing...

Hi there, please answer these questions with full working out. Thanks Q1) If the pre-tax cost function for John's Shoe Repair is C(q) = 100 + 10q - q 2 + 1/3q 3 , and it faces a specific tax of t =...

If the cost function for Johns shoe Repair is C(q) = 100 + 10q q2 + 3 , and its marginal cost function is MC = 10 2q + q2, what is its profit-maximizing condition given that the market price is p?

3.2 If the cost function for Johns Shoe Repair is C(q) = 100 + 10q - q2 + 13 q3, and its marginal cost function is MC = 10 - 2q + q2, what is its profit-maximizing condition given that the market...

Should a firm shut down (and why) if its revenue is R = $1,000 per week, a. its variable cost is VC = $500, and its sunk fixed cost is F = $600? b. its variable cost is VC = $1,001, and its sunk...

3.8 If the pre-tax cost function for Johns Shoe Repair is C(q) = 100 + 10q - q2 + 13 q3, and it faces a specific tax of t = 10, what is its profit-maximizing condition if the market price is p? Can...

If the cost function for Johns Shoe Repair is C(q) = 100 + 10q - q 2 + 13 q 3 , what is the firms marginal cost function? What is its profit-maximizing condition if the market price is p? What is its...

Consider the flow over a 22.2 half-angle wedge. If M1 = 2.5, p1 = 1atm, and T1 = 300 K, calculate the wave angle and p2, T2, and M2.

Starting from the Equation of Motion in rectangular coordinates, obtain equations for the volumetric flow rate, the mass flow rate, the average velocity and the force exerted by the fluid on the...

A sales manager believes that a firm s sales representatives should spend about 3 0 percent of their working days traveling. If they are on the road for much less, new orders decline, and the service...

21. The multiplier effect triggered by an increase in spending arises because of the additional ____________ spending that it leads to.

Show that the CES production function q = (aL( + bK()1/( can be written as q = B(()[cL(+ (1 - c) K(]1/(?

What is the MRTS of the CES production function q = (aL( + bK()d/(?

What is the elasticity of substitution, , of the CES production function q = (aL( + bK()d/(?

A Government of Canada bond has a 6 percent coupon which pays semi-annually and matures in 11 years. If the yield for similar bonds is 5.4 percent, what should be the price for this bond? (Assume...

What does the following code output? What hnec the followine rnde nuthut? abcd edcb ed edc

Convergence and the Conceptual Framework As an accounting professional, it is important to understand the historic development of accounting standards and specifically topics that are affected by the...