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Category > Economics Posted 11 May 2017 My Price 11.00

ECO 550 Week 6 Discussion

"Market Structures" Please respond to the following:

  • From the scenario, assuming Katrina’s Candies is operating in the monopolistically competitive market structure and faces the following weekly demand and short-run cost functions:

VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000

P = 50-0.01Q and MR = 50-0.02Q

*Where price is in $ and Q is in kilograms. All answers should be rounded to the nearest whole number.

    • Algebraically, determine what price Katrina’s Candies should charge in order for the company to maximize profit in the short run. Determine the quantity that would be produced at this price and the maximum profit possible.

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Math Expert
(3)
Status NEW Posted 11 May 2017 08:05 PM My Price 11.00

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file 1494533920-ECO550 Week 6 Discussion.docx preview (286 words )
&-----------quo-----------t;M-----------ark-----------et -----------Str-----------uct-----------ure-----------s&q-----------uot-----------; P-----------lea-----------se -----------res-----------pon-----------d t-----------o t-----------he -----------fol-----------low-----------ing-----------: -----------Fro-----------m t-----------he -----------sce-----------nar-----------io,----------- as-----------sum-----------ing----------- Ka-----------tri-----------naâ-----------€™s----------- Ca-----------ndi-----------es -----------is -----------ope-----------rat-----------ing----------- in----------- th-----------e m-----------ono-----------pol-----------ist-----------ica-----------lly----------- co-----------mpe-----------tit-----------ive----------- ma-----------rke-----------t s-----------tru-----------ctu-----------re -----------and----------- fa-----------ces----------- th-----------e f-----------oll-----------owi-----------ng -----------wee-----------kly----------- de-----------man-----------d a-----------nd -----------sho-----------rt------------run----------- co-----------st -----------fun-----------cti-----------ons-----------: -----------VC -----------= 2-----------0Q+-----------0.0-----------066-----------65 -----------Q2 -----------wit-----------h M-----------C=2-----------0 +----------- 0.-----------013-----------33Q----------- an-----------d F-----------C =----------- $5-----------,00-----------0 -----------P =----------- 50------------0.-----------01Q----------- an-----------d M-----------R =----------- 50------------0.-----------02Q----------- *-----------Whe-----------re -----------pri-----------ce -----------is -----------in -----------$ a-----------nd -----------Q i-----------s i-----------n k-----------ilo-----------gra-----------ms.----------- Al-----------l a-----------nsw-----------ers----------- sh-----------oul-----------d b-----------e r-----------oun-----------ded----------- to----------- th-----------e n-----------ear-----------est----------- wh-----------ole-----------
file 1494533939-ECO550 Week 6 Discussion.docx preview (286 words )
&-----------quo-----------t;M-----------ark-----------et -----------Str-----------uct-----------ure-----------s&q-----------uot-----------; P-----------lea-----------se -----------res-----------pon-----------d t-----------o t-----------he -----------fol-----------low-----------ing-----------: -----------Fro-----------m t-----------he -----------sce-----------nar-----------io,----------- as-----------sum-----------ing----------- Ka-----------tri-----------naâ-----------€™s----------- Ca-----------ndi-----------es -----------is -----------ope-----------rat-----------ing----------- in----------- th-----------e m-----------ono-----------pol-----------ist-----------ica-----------lly----------- co-----------mpe-----------tit-----------ive----------- ma-----------rke-----------t s-----------tru-----------ctu-----------re -----------and----------- fa-----------ces----------- th-----------e f-----------oll-----------owi-----------ng -----------wee-----------kly----------- de-----------man-----------d a-----------nd -----------sho-----------rt------------run----------- co-----------st -----------fun-----------cti-----------ons-----------: -----------VC -----------= 2-----------0Q+-----------0.0-----------066-----------65 -----------Q2 -----------wit-----------h M-----------C=2-----------0 +----------- 0.-----------013-----------33Q----------- an-----------d F-----------C =----------- $5-----------,00-----------0 -----------P =----------- 50------------0.-----------01Q----------- an-----------d M-----------R =----------- 50------------0.-----------02Q----------- *-----------Whe-----------re -----------pri-----------ce -----------is -----------in -----------$ a-----------nd -----------Q i-----------s i-----------n k-----------ilo-----------gra-----------ms.----------- Al-----------l a-----------nsw-----------ers----------- sh-----------oul-----------d b-----------e r-----------oun-----------ded----------- to----------- th-----------e n-----------ear-----------est----------- wh-----------ole-----------
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