Question: Pleas provide step by step example from the following: Company XYZ has the following demand function P= 100 - 0.0002Q Its marginal revenue function was

Pleas provide step by step example from the following:

Company XYZ has the following demand function

P= 100 - 0.0002Q

Its marginal revenue function was

MR = 100 - 0.004Q

a. Find the firm's Total Revenue Function

b. Calculate the output level and price that maximizes total revenue.

c. Calculate the amount of revenues in dollars.

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 Economics Questions!

Q:

The Problem You work for new startup that is trying to manufacture phones. You are tasked with building a model which will help determine how many machines to invest in and how much to spend on...

Q:

Company XYZ has the following demand function P= 100 0.0002Q Its marginal revenue function was MR = 100 0.004Q a. Find the firms Total Revenue Function b. Calculate the output level and price that...

Q:

Company XYZ has the following demand function P= 100 - 0.0002Q Its marginal revenue function was MR = 100 - 0.004Q a.Find the firm's Total Revenue Function b.Calculate the output level and price that...

Q:

Company XYZ has the following demand function P= 100 - 0.0002Q Its marginal revenue function was MR = 100 - 0.004Q a. Find the firm's Total Revenue Function b. Calculate the output level and price...

Q:

Task 7 1. A discrete random variable has a mean of 400 and a variance of 64. What is the standard deviation? (Points : 1) 20 64 8 400 None of the above Question 2. 2. Data for a particular...

Q:

Hi, you will find the instructions in the attached file, thank you, Using the regression results and the other computations from Assignment 1, determine the market structure in which the low-calorie...

Q:

Provide step by step solutions to the following questions. Problem 2 (30 pts) Explain your answers! The market demand function for computer games is qD (p) = BOOSp and the market supply function is...

Q:

alll needed information is given 5. Running Shoes (60 points, 25 minutes). Davis Industries produces a running shoe. Davis has an upstream division that produces leather and a downstream division...

Q:

Resolve learning activity 4 Unit 1 and hand it according to its duedate. Show step by step how you get the answer. Make sure to explain in words the economic meaning of your answer to show mastery of...

Q:

Due Sunday, 11/20: Problems from Zimmerman text: 2-11, 2-44, Case 2-3, 7-7, and 7-20 Chapter Two The Nature of Costs Chapter Outline A. Opportunity Costs 1. Characteristics of Opportunity Costs 2....

Q:

Exercise 1 In 2011 Company XYZ had sales of 345,620million, net operating profit after taxes of 10,250 million, and employed $62,650 million in debt and equity capital. Company XYZ cost of capital...

Q:

Support-department cost allocations; direct, step-down, and reciprocal methods. Ballantine Corporation has two operating departments: Eastern Department and Western Department. Each of the operating...

Q:

Refer to Problem 8.3. If the final destination is New Delhi, India, and there is a 30% import tax, which firm should you choose? In Problem 8.3, you have been asked to analyze the bids for 200...

Q:

High - performance work systems can be realized when companies treat their employees as investments hired guns commodities expenses

Q:

Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 Assets 2020 2019 Cash $99,700 $47,900 Accounts receivable 92,900 33,900 Inventory 111,900 101,500...

Q:

At the beginning of 2017, Wertz Construction Company changed from the completed-contract method to recognizing revenue over time (percentage-of-completion) for financial reporting purposes. The...

Q:

A non-periodic function is given by for 0st

Q:

recent years, the Wall Street Journal has indicated that many companies have changed their accounting principles. What are the major reasons why companies change accounting methods? Provide an...

Q:

Willard Company established a $410 petty cash fund on September 9, 2020. On September 30, the fund had $163.40 in cash along with receipts for these expenditures: transportation-in, $33.30; office...

Q:

Borges Machine Shop, Inc., has a 1-year contract for the production of 225,000 gear housings for a new off-road vehicle. Owner Luis Borges hopes the contract will be extended and the volume increased...

Q:

Demonstrate through language that you are grateful to be informed.

Q:

Always mention the specifi c problem the customer faced.

Q:

Make sure you are appropriately staff ed to respond in a timely fashion.