User Account

All Pages

Determine the firm''s profit

Assignment Help Microeconomics
Reference no: EM13877438

A monopolistically competitive firm has short-run production function given by Q = 5L0.8 , Assume the wage rate is $12 and the firm's fixed cost is $500. If demand for the firm's output is P = 350 - 4Q

(a) Determine the firm's profit maximizing level of output, price, and employment.

(b) Determine the firm's profit.

Reference no: EM13877438

Questions Cloud

The report''s clarity,style and amount of thought : Write a 3-5 page essay on a this book: Kolchin, Peter; American Slavery: 1619 - 1877; Hill & Wang, 2003 After reading it write a three to five page essay on the book. You should both summarize the book's major points and also provide insight on what ..
Find the combination of labor, capital and raw materials : Assume the total cost of a firm is given by TC(L, K, R) = 2L2 +3K2 +4R2 +3LK +5LR+6KR-35L -39K -53R+54 where L, K, and R are the units of labor, capital and the raw materials (all in 1000 units) used in production. Find the combination of labor, c..
Document in world history : Text is from book: Document in World History.CD-ROM/page 415 and 416 PART ONE: IDENTIFYING THE SOURCES 1.Author 2.Title 3.Date of writing/or original publication
What conditions these reliability types would be used : For each of the tests of reliability and validity listed on the matrix, prepare a 50- to 100-word description of the test's application. Describe what conditions these reliability types would be used for as well as when they would be inappropriate
Determine the firm''s profit : A monopolistically competitive firm has short-run production function given by Q = 5L0.8 , Assume the wage rate is $12 and the firm's fixed cost is $500. If demand for the firm's output is P = 350 - 4Q - Determine the firm's profit
What should be morrows target cost per auto part : What should be Morrow's target cost per auto part? Explain. As a result of the Value Engineering Group's efforts, determine Morrow's estimated cost for the auto part.
What is happening in the artwork : 1.Artist(historical background, influences,objectives): 2.What is happening in the artwork? Who or what event is depicted? What is the center of attention in the artwork? What does it suggest or represent? How does it reflect the attitude and values ..
Find elasticity function for the following demand function : Find the elasticity function for the following demand function and graph it. Determine at what price the function is unit elastic. Qd = 100 - 3√P
Calculate the new target cost per unit for a sales price : What amount of the current cost per unit is attributable to non-value-added activities? Calculate the new target cost per unit for a sales price of $800 if the profit per unit is maintained.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd