Question: A firm's demand function is given as P = 24 - 3x Where P = price and x quantity produced and sold. Determine the

A firm's demand function is given as P = 24 - 3x

A firm's demand function is given as P = 24 - 3x Where P = price and x quantity produced and sold. Determine the output for maximum revenue and show it is a maximum. What is the price at maximum revenue.

Step by Step Solution

★★★★★

3.46 Rating (156 Votes )

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 Mathematics Questions!

For the given inputs, determine the output for Z. IF ((X > 0) AND (Y > 0)) OR (C ( 10) THEN LET Z = X * Y ELSE LET Z = X + Y (a) X = 5, Y = 10, C = 10 (b) X = 5, Y = -5, C = 10 (c) X = -10, Y = -5, C...

A monopolists demand function is given by P + Q = 100 Write down expressions for TR and MR in terms of Q and sketch their graphs. Find the value of Q which gives a marginal revenue of zero and...

The following logic function is given as a sum of minterms F(W,X,Y,Z) = W,X,Y,Z(2,7,10,13,14) + d(5,6,15) a) Draw the K-map for the given function F. b) What is the minimized SOP equation? c) Give...

Consider the following Cournot model. The inverse demand function is given by p = 30 Q, where Q = q1 + q2. Firm 1s marginal cost is $6 (c1 = 6). Firm 2 uses a new technology so that its marginal...

Consider a homogeneous product market with infinitely many quantity-setting firms. The inverse demand function is given by P(q) = a q, where q is industry quantity. The cost function of each firm is...

Question: Consider the following variant of the Dixit model that we discussed in class: In the market for microwaves, there is an incumbent (firm 1) and a potential entrant(firm 2). The demand...

Answer appropriately : Consider the following variant of the Dixit model that we discussed in class: In the market for microwaves, there is an incumbent (firm 1) and a potential entrant(firm 2). The...

Limit Capacity : Two firms, A and B, will engage in Cournot competition for widgets. Before they do so, the firms can invest into their production capacities. A small plant costs $50,000 and has a...

Suppose that four identical airlines compete for customers on flights between Chicago and Los Angeles. The direct market demand function is given as Q(P) : 420 - P, where P is the dollar cost of a...

Indicate all of the costs that would appear under Non-Current Assets on the Statement of Financial Position: a. Development costs for new products which conform to the six criteria for...

Here is an interesting game presented and discussed by psychologists, mathematicians, philosophers, and people in business, risk management, and gambling. You start with $1, and a die is rolled. You...

Poh has just started working at a new manufacturing plant and she is struggling to remain motivated at work. At her old workplace, she created insulin pumps for patients with diabetes and assembled...

Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $50,000 73 9 months tA $ 4

7. Make a table of values and graph each function. a) g(x) =-3x+5 for the domain (-3, -2, -1, 0, 1, 2, 3} b) h(x) = for the domain {x | -10 x 10, x = R} Apply 8. Mike currently has $200 and saves $20...

An important factor in choosing the best communication channel is its media richness. What does this concept meant, why it is useful to manager and briefly state how technology has contributed in...

A major difference among corporations , proprietorships , and partnerships is that a corporation's income statement reports income tax expense . Select one : True False

What are some of the features of the Unified Process (UP)?

Can you tell whether a good is normal or inferior by looking at the shape of a single indifference curve? Explain your answer.

Consider the diagram on the right that depicts the cost curves for a perfectly competitive firm. The market price (and marginal revenue) faced by this firm is $7. a. The owner of the firm finds that...

Suppose that, to deal with adverse selection problems, a new federal lemons law requires all used car dealerships to provide a one-year warranty for each car they sell. Explain how this new law,...

A Government of Canada bond will pay $50 at the end of every six months for the next 15 years, and an additional $1000 lump payment at the end of the 15 years. What is the appropriate price to pay if...

The monthly payments on a five-year loan at 7.5% compounded monthly are $200.38. a. What was the original amount of the loan? b. What is the balance after the thirtieth payment?