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Use the following data to answer the questions given below;
Q1 = 500 - 10PQ2 = 700 - 40PQ = 1,200 - 50P
where Q1 is the quantity demanded for group 1, Q2 is the quantity demanded for group 2, and Q is the sum of the two demands for the two types of consumers. The marginal cost of serving either group is $10.
a. Calculate the profit-maximizing level of output and price if the company sells all of its tickets at one price.b. Calculate the profit-maximizing level of output and price if it charges different prices to each group.c. Compare the level of profits under part (a) and (b) above.d. What condition or conditions would need to hold for the firm to be able to charge a different price to each group?
An economist had estimated sales trend line for the Sun Belt Toy Corporation as follows:
According to the chief engineer at the Zodiac Corporation, Q=AL^a K^b, where L is the rate of labor input, Q is the output rate, and K is the rate of capital input.
The article study for the demand, supply and the market equilibrium has been discussed. The article that has been review was published on August 2012.
Assume the production function is given by Q = 4K + 8L. Determine the average product of capital when 10 units of capital and 5 units of labor are employed?
If a firm wishes to break-even at 20,000 units, its variable cost per unit is $3, and its fixed cost per period is $40,000, its selling price per unit will have to be;
The following table shows information for a simple production function. From the data in the table, calculate marginal and average products.
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Let the production function be given through, Assume the plant size (K) is fixed in the short run at 100.
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Dell Computer Corporation, the world's biggest personal computer maker, is keenly aware of everything its rival PC manufacturers decide to do.
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