Suppose Rhianna owns a business that sells potatoes. Her marginal cost curve is given by P = 6 + 4Q, where Q is in kilograms and she faces no fixed costs. At the quantity she is selling at, elasticity of supply is 4.5. How many kilograms of potatoes is she selling? Answer:
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- A flour mill buys its wheat from two different farms, then processes the wheat into flour. Wheat from Farm X costs the mill $7 per bushel, and wheat from Farm Y costs the mill $15 per bushel. The selling price (in dollars per bushel) for the mill's wheat can be modeled by p(x, y) = 500 x y where x is the demand for the flour milled from Farm X's wheat and y is the demand for flour milled from Farm Y's wheat. Assume that x and y may be zero (so the mill only buys from one of the suppliers) and that the mill can by 1/2 of a bushel. Then the maximum profit is attained when x = y = bushels bushels The amount of the flour mill's maximum profit is $A bakery that produces 100 loaves of bread has a variable cost of $50 and a fixed cost of $200. Calculate the total cost, average total cost, average variable cost, and average fixed cost of the bakery. 50 units of an output is supplied when the price is OMR 10. When price increases to OMR 20, the units of output supplied will be 80. Calculate elasticity of supply and comment on its elasticity.What are the short-run and long-run costs of the production of Walmart?
- The following graph plots daily cost curves for a firm operating in the competitive market for fitness trackers. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE(Dollars pertracker) 100 90 70 60 50 40 20 10 0 0 MO ATC AVC 50 60 70 80 10 20 30 40 QUANTITY (Thousands of trackers per day) 90 100 Profit or Loss In the short run, given a market price equal to $45 per tracker, the firm should produce a daily quantity of trackers. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $45 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run thousand per day for the firm.Suppose the quantity of apples supplied in yourmarket is 2,400. If there are 60 apple producers,each with identical cost structures, how manyapples does each producer supply to the market?The inverse demand for tea is given by P= 10 – 0.04Q, where Pis the price per a gram of tea and Qis the total number of grams of tea brought to market. There are two tea shops in the market. Shop 1's cost function is given by C = 0.01q,?, where qı is the number of grams of tea it brings to market. Shop 2's cost function is given by C2 = 0.01q2², where qp is the number of grams of tea it brings to market. Given that the two shops compete by setting output (Cournot), answer the following. a) Identify shop 1's reaction function to shop 2's output to within 2 decimal places (e.g. 0.33). 91= Number - Number 92 b) Identify shop 2's reaction function to shop 1's output to within 2 decimal places (e.g. 0.71). q2= Number Number 91 c) To within two decimal places (e.g. 0.63) what is the equilibrium output level of each shop and the equilibrium per gram price for tea. Shop 1 will produce Number grams of tea and shop 2 will produce Number grams of tea. The equilibrium market price is £ Number
- Mango Systems believes that demand for its pet e-mouse follows a linear demand equation: Quantity = 43,911 - 708* Price Mango's variable cost to produce one pet e-mouse is $23.50. Find the maximum total contribution margin (margin per unit times quantity sold) that Mango Systems can possibly achieve on its pet e-mouse. (Rounding: penny.) Your Answer:Exercise 5.4 A company is producing and selling branded milk with the following total cost function: CT(q)= 0.2q²+q+70. If the demand function for this brand of milk is: P=15-0.5q: a) Calculate the optimal price of milk, as well as the optimal quantity sold and the profits of the company. b) Calculate the price elasticity of demand in the equilibrium of the company. c) Justify why the company has an excess of productive capacity. d) Represent graphically.Consider the graph above. If the demand curve intersects the marginal & average cost curve at 100 units, calculate the profit-maximizing quantity. Profit-maximizing quantity = Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- The demand function for specialty steel products is given, where p is in dollars and q is the number of units. p = 180 3 125 − qThe inverse demand for tea is given by P = 8 – 0.03Q, where Pis the price per a gram of tea and Q is the total number of grams of tea brought to market. There are two tea shops in the market. Shop 1's cost function is given by C = 0.02q,?, where q, is the number of grams of tea it brings to market. Shop 2's cost function is given by C2 = 0.02q22, where q2 is the number of grams of tea it brings to %3D %3D market. Given that the two shops compete by setting output (Cournot), answer the following. a) Identify shop 1's reaction function to shop 2's output to within 2 decimal places (e.g. 0.33). 91= Number Number 92 b) Identify shop 2's reaction function to shop 1's output to within 2 decimal places (e.g. 0.71). q2= Number Number 91 c) To within two decimal places (e.g. 0.63) what is the equilibrium output level of each shop and the equilibrium per gram price for tea. Shop 1 will produce Number grams of tea and shop 2 will produce Number grams of tea. The equilibrium market price is £…Consider the perfectly competitive spice market. At the equilibrium price, the elasticity of market supply is 1.45 and the elasticity of demand is 0.67. Spice is a normal good. An increase in incomes cause the market PRICE of spices to rise by 4%. What is the percentage change in market QUANTITY? Notes: Enter a number only, do not include the % sign. If it decreases, include a negative sign before your number. For example, if it is a 15.675% decrease, enter -15.68 not -0.15. If quantity decreases include a negative sign.
