Question: 11. The demand function for a good is given by the equation P= 50 - 20, while total cost is given by TC = 160

11. The demand function for a good is given by the

11. The demand function for a good is given by the equation P= 50 - 20, while total cost is given by TC = 160 + 20 (a). Write down the equation for the profit. (b). Find the value of Q when the firm breaks even. (c). Determine the maximum profit and the value of output (Q) at which profit is maximum. [1+1+0.5=2.5]

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

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 Finance Questions!

The demand function for a good is given by the equation P= 50 2Q, while total cost is given by TC = 160 + 2Q (a). Write down the equation for the profit. (b). Find the value of Q when the firm breaks...

7. The demand function for a good is given by the equation P=50-2Q, while total cost is given by TC = 160+2Q a. Write down the equation for the total revenue. b. Write down the equation for the...

7. The demand function for a good is given by the equation P=50-2Q, while total cost is given by TC= 160+2Q a. Write down the equation for the total revenue. b. Write down the equation for the...

11. The demand function for a good is given by the equation P=50-20, while total cost is given by TC = 160 + 20 (a). Write down the equation for the profit. Find the value of Q when the firm breaks...

(a) [10 Points] Assume that Firm 1 and Firm 2 have constant positive marginal costs c and c correspondingly. What conditions on these marginal costs must be satisfied, so that both firms choose to...

9. The demand function for a good is given by equation P=2400-8Q were P is the price per unit and Q is the number of units sold. A total cost function TC is given by the equation TC=80-120Q+5Q2 a....

11 Which of following is an example of a cartel? A.)automotive industry B.)health care industry C.)airline industry D.)OPEC ^ 12 Perfectly competitive market structures have an incentive to enter or...

The demand function for a good is given by equation P=2400-8Q were P is the price per unit and Q is the number of units sold. A total cost function TC is given by the equation TC=80-120Q+5Q2 a. Write...

Question : 34 Price Supply Demand Consumer Surplus Ptariff Producer Surplus Tax Revenue Size of Tariff Societ al Societal LOSS iLoss + - P world Q 51 -Q52 Q c2 Q c1 Quantity Quantity of Imports (with...

Explain the questions well. 1). The market demand function for a good is given by Q = D(p) = 800 50p. For each firm that produces the good the total cost function is TC(Q) = 4Q+( Q2/2) . Recall that...

The health of the bear population in Yellowstone National Park is monitored by periodic measurements taken from anesthetized bears. A sample of 54 bears has a mean weight of 182.9 lb. Assuming that a...

A study examining bomb hits in South London during World War II is documented in the following table from the book A Handbook of Small Data Sets (Hand et al., 1993, p. 232). The bomb hits were...

Financing activities have no impact on the income statement, but rather are reflected in changes in long - term debt and short - term debt on the balance sheet. Group of answer choices True False

Draw a class diagram and its relationship based on the following statements. You can use any UML tool/software to represent your class diagram. Do NOT copy and paste your diagram, use the attachment...