A private seller sells services that have the demand function P = -1.6Q + 6,000 Furthermore, MC = AC = 2,300 a) At what price does the retailer sell to maximize profits? b) What is the maximum profit of the private seller? %3D c) Draw a picture (graph) of the private seller's situation and show which area of the figure is profit. Show key figures in the picture

A private seller sells services that have the demand function P = -1.6Q + 6,000 Furthermore, MC = AC = 2,300 a) At what price does the retailer sell to maximize profits? b) What is the maximum profit of the private seller? %3D c) Draw a picture (graph) of the private seller's situation and show which area of the figure is profit. Show key figures in the picture

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter1A: Appendix: Working With Graphs

Section: Chapter Questions

Problem 1E

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1. ThedemandfunctionforagoodisgivenbytheequationP=a−bQwhilethetotalcost function is TC = dQ2 + eQ + f, where a, b, d, e and f are positive constants. (a) Derive the equation for profit.(b) Derive an expression for the value of Q for which profit is maximised.
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)A two Product finm faces the follow- = 40-2P1 demand and Cost function 8- a) Find the output levels that satiaty the 12 demand amd 40-2P,-P2 タ,=35-P、- 8 follow- ng Cont function8 32 Demand function. C%=8it 20+ 10 cost function. a) Find the output levels that sati. order Conditions ythe tor maximum profit. 6)check the 2nd (ondition. Can you conclude that this Problem Posses a Order for sufficient unique maximum) c)What in the maximal profit?
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nentQu102 Search (Alt+Q) Mailings Review View Help As 三、=、m。田H T AaBbCcDd AaBbCcDd AaBbC AaBbCc =三、、田 1 Normal 1 No Spac. Heading 1 Heading Paragraph Styles 3) Use the table below to answer the following question. Table 3 Price of Jolt Income Level Jolt Sales $25,000 Price of Coke $1.00/can $1.40/can 2014 $1.00/can 15,000 cases 2015 $1.00/can $1.00/can $25,000 25,000 cases 2016 $1.40/can $35,000 15,000 cases 2017 $1.40/can $1.40/can $35,000 5,000 cases a. Refer to Table 3. What is The Income elasticity of demand for Jolt? b. What type of good is Jolt when it comes to price elasticity of demand? What type of good is Jolt when it comes to income elasticity of demand? d. What is the cross-Price elasticity between Coke and Jolt? Are Coke & Jolt Complements or substitutes? C. e.
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The demand for q units of a product depends on the price p (in dollars) according to 512 P q= - 1, for p > 0. Find and explain the meaning of the instantaneous rate of change of demand with respect to price when the price is as follows. (a) $16 (b) $64 Interpret the instantaneous rate of change. O If price decreases by the absolute value of this amount, the demand will drop by 1 unit. O If price increases by $1, the demand will increase by the absolute value of this number of units. If price decreases by $1, the demand will drop by the absolute value of this number of units. If price increases by the absolute value of this amount, the demand will drop by 1 unit. If price increases by $1, the demand will drop by the absolute value of this number of units. Interpret the instantaneous rate of change. O If price decreases by the absolute value of this amount, the demand will drop by 1 unit. O If price increases by $1, the demand will increase by the absolute value of this number of units.…
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ent-4.docx cetumentGrp Assignment 4. Saved to this Pd v Layout References Mailings A A™ | Aa- | Ap -I A. DA = = = |- |- B demand. daho Review if necessary. Paragraph View ENT Help For a particular video game, the company sells 160 (thousand) copies of the game when the (thousand) copies of the game. price of the game is $55. However, when they change the price to $45, the company sells 240 1 AaBhCcDdi AaBbCcDdi AalbC Đới 1 List Para... Normal 1 No Spac.... Styles a. As part of the process of finding the price elasticity of demand, what is the percent change in quantity using the midpoint method? Round your answer to 4 decimal places ECON 150: Microeconomics b. As part of the process of finding the price elasticity of demand, what is the percent change in price using the midpoint method? Round your answer to 4 decimal places if necessary. C. Using parts a and b, calculate the price elasticity of demand. Round your answer to 2 decimal places if necessary. Four