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pucedog231Lv1
28 Sep 2019
1. Consider a monolopy where the inverse demand for its product is given by P = 50-2Q. Total costs for this monopolist are estimnated to be C(Q) = 100 + 2Q + Q^2. At the Profit-maximizing combination of output and price, consumer surplus is?
Answer: $64
2. You are the manager of a firm that sells its product in a competitive market at a price of $48. Your firm's cost function is C = 60+2Q^2. Your firm's maximum profits are
Answer: $228
I already know the answers, please show how it works! Thank you!!
1. Consider a monolopy where the inverse demand for its product is given by P = 50-2Q. Total costs for this monopolist are estimnated to be C(Q) = 100 + 2Q + Q^2. At the Profit-maximizing combination of output and price, consumer surplus is?
Answer: $64
2. You are the manager of a firm that sells its product in a competitive market at a price of $48. Your firm's cost function is C = 60+2Q^2. Your firm's maximum profits are
Answer: $228
I already know the answers, please show how it works! Thank you!!
Yusra AneesLv10
29 Sep 2019
