Question

In: Economics

Use the price function to obtain the total revenue function (TR). Write the TR function then...

Use the price function to obtain the total revenue function (TR). Write the TR function then plot TR on the lower set of axes.

Qx = 40000 - 200Px

Solutions

Expert Solution


Related Solutions

Fill in the missing data for price (P), total revenue (TR), marginal revenue (MR), total cost...
Fill in the missing data for price (P), total revenue (TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table: Q P TR=P×Q MR=ΔTR/ΔQ TC MC=ΔTC/ΔQ π Mπ=Δπ/ΔQ 0 $160 $0 0 $0 0 $0 0 1 150 150 150 25 25 125 125 2 140 280 130 55 30 225 100 3 130 390 110 90 35 300 75 4 120 480 90 130 40 350 50 5 110...
A perfectly competitive firm has a total revenue function of TR = 90Q and cost function...
A perfectly competitive firm has a total revenue function of TR = 90Q and cost function of TC = 30Q2 + 50. i. Determine the price the firm should charge and the quantity of output that it should produce to maximize profit. ii. if there are 20 identical firms in the market, what will be the perfectly competitive price and total output produced?
The revenue function for a company can be defined as; TR = Price (P) ´ Quantity...
The revenue function for a company can be defined as; TR = Price (P) ´ Quantity Demanded (Q). If the ordinary demand function for your firm is Q = 60 - 0.4P: a.   What is the total revenue function for this firm in terms of Q? b.   What is the average revenue function for this firm in terms of Q? c.   What is the MR function for this firm in terms of Q? d.   Show that MR will be less...
The revenue function for a company can be defined as; TR = Price (P) ´ Quantity...
The revenue function for a company can be defined as; TR = Price (P) ´ Quantity Demanded (Q). If the ordinary demand function for your firm is Q = 75 - 0.4P:    What is the total revenue function for this firm in terms of Q?    What is the average revenue function for this firm in terms of Q?    What is the MR function for this firm in terms of Q?    Show that MR will be less...
1. Find the maximum of the following total revenue function (TR) by finding out (a) the...
1. Find the maximum of the following total revenue function (TR) by finding out (a) the output ?∗ value where the first order condition is satisfied; and (b) the maximum total revenue. ??(?)=32?−?2 2. Find the maximum of the following profit function by finding out (a) the output ?∗ value where the first order condition is satisfied; and (b) the maximum profit. ?(?)=−?33−5?2+2000?−326. 3. Find the minimum of the average cost function given following total cost function by finding out...
Pickup (Q) Price/Pickup Total Revenue (TR) Marginal Revenue (MR) Total Cost (TC) Marginal Cost (MC) Average...
Pickup (Q) Price/Pickup Total Revenue (TR) Marginal Revenue (MR) Total Cost (TC) Marginal Cost (MC) Average Total Cost (ATC) 0 $4.20 0 --- $3.20 --- --- 1 $3.80 $4.20 2 $3.40 $5.60 3 $3.00 $7.80 4 $2.60 $10.40 5 $2.20 $13.40 6 $1.90 $16.80 Complete the table above, then answer the following questions What are the fixed costs per month of garbage collection per resident? Explain your answer Considering that the current garbage collection firm the city has contracted with...
For the following total revenue and total cost functions of a firm: TR = 802.5Q –...
For the following total revenue and total cost functions of a firm: TR = 802.5Q – 10Q2 TC = (2/3)Q3 -30Q2 + 672Q +4000 Determine the level of output at which the firm maximizes total profit Calculate the profit (20 points) Reference problem on pp. 104-106 and graphs on p. 77. Solution writes a total profit equation (TR equation minus the TC equation and simplify) and takes its derivative to get a marginal profit equation. If you set the marginal...
2. For the following total revenue and total cost functions of a firm: TR = 800Q...
2. For the following total revenue and total cost functions of a firm: TR = 800Q – 10Q2 TC = (2/3)Q3 -30Q2 + 672Q +4000 (a) Determine the level of output at which the firm maximizes total profit (b) Calculate the profit (need step by step, please)
Consider a fishery characterized by the following total cost (TC) and total revenue (TR) curves as...
Consider a fishery characterized by the following total cost (TC) and total revenue (TR) curves as a function of total effort (E): TC = 12E and TR = 32E – E 2 , Differentiating these functions yields the marginal cost (MC) and marginal revenue (MR) curves: MC = 12 and MR = 32 – 2E. a. Draw a graph depicting total costs and total revenues as a function of effort in the fishery. At what effort level are total revenues...
Use the cost and revenue data to answer the questions. Quantity Price Total revenue Total cost...
Use the cost and revenue data to answer the questions. Quantity Price Total revenue Total cost 1010 9090 900900 675675 1515 8080 12001200 825825 2020 7070 14001400 10251025 2525 6060 15001500 12501250 3030 5050 15001500 15001500 3535 4040 14001400 18501850 If the firm is a monopoly, what is marginal revenue when quantity is 2525 ? MR = $ Not a valid number tools x10y What is marginal cost when quantity is 1515 ? MC = $ Not a valid number...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT