Maurice Tutor

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About Maurice Tutor

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Expertise:
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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 398 Weeks Ago, 1 Day Ago
Questions Answered: 66690
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 10 Oct 2017 My Price 4.00

inverse demand curve

  1. A firm faces the following inverse demand curve:

p = 500 - 0.3 q ,

where q is the monthly production, and p is price, measured in dollars per unit.

The firm also has a total cost (TC) function of:

TC = 6,000 + 20 q .

Assuming the firm maximizes profits, answer the following:

    1. Compute the total and marginal revenue for the firm.

    2. Assuming the firm operates as a monopolist, calculate the following: price, quan- tity, and profit. ( Hint : the firm maximizes profit by equating marginal revenue and marginal costs). Graph and show the equilibrium price and quantity.

    3. Assuming perfect competition, what are the price, quantity, and profit? Show on the graph from above.

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Oct 2017 01:10 PM My Price 4.00

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