Question: I need help in understanding the formulas and to create them in long formate. Q1 How do I calculate and write out the long form

I need help in understanding the formulas and to create them in long formate.

Q1

  1. How do I calculate and write out the long form for the following question?

Consider the following benefit and cost functions: B(X) = 600X -12X2and C(X) = 20X2. Use this information to answer the following questions.

  1. What are the MB and the MC?
  2. What level of X maximizes the net benefit?
  3. What is the net benefit (NB)?

Please include the letter with each part of your answer (a, b, c).

Q2

  1. Quarterly demand and supply for the Petram Company is given by Qd= 1000 + 0.5M + 0.25A - 100P and Qs= -750 + 100P, where Q is quantity per quarter, P is price, M is income, and A is advertising expenditure. Suppose that A = 1000 and M =20,000, and answer the following questions.
  2. What is the equilibrium price and quantity?
  3. What is the inverse demand?

Please include the letter with each part of your answer (a, b).

Q3

  1. Consider a market supply and demand represented by the following: Qs= 4P - 120 and Qd= 1000 - 10P. Use this information to answer the following questions.
  2. Calculate equilibrium price and quantity.
  3. What is the consumer surplus?
  4. If the government imposes an excise tax of $2, what would be the new equilibrium price, quantity?
  5. What would happen to the consumer surplus?

Please include the letter with each part of your answer (a, b, c, d).

Q4

  1. Consider that the C & A Lawnmower Firm operates in a highly competitive industry. The MB(Q) = 100, which means that the price of each service is $100. The estimate for the total cost is given by C(Q) = 100,000 + 20Q + 0.1Q2. Use this information to answer the following questions.
  2. What is net benefit maximizing level of output?
  3. What is the total benefit function?
  4. What is the maximum net benefit?

Please include the letter with each part of your answer (a, b, c).

Q5

  1. Consider the benefit and cost of Mr. T's Coffee Shop, which are indicated by the following: B(Q) = 50 + 18Q - 2Q2and C(Q) = 40 + 6Q. Use this information to answer the following questions.
  2. What is the marginal benefit, represented by MB(Q)?
  3. What is the marginal cost, represented by MC(Q)?
  4. At what level of output is the net benefit maximized?

Please include the letter with each part of your answer (a, b, c).

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