Problems on Math Concepts

Econ340: Practice Questions on Review of Math concepts 1. Given the following demand portion: Q = 50 0.5P a) examine the take aim of payoff Q* and price level, P*, that maximizes tot up revenue. b) Show that Q* determined in (a) above maximizes, rather than minimizes revenues 2. The Bowden Corporations come variable follow (AVC) draw is given by the following equation (where Q is the number of units produced and sold): AVC = 25,000 unmatched hundred eightyQ + 0.5Q2 a) Determine the payoff level (Q*) that minimizes AVC. b) How could you know that Q* in part (a) minimizes rather than maximizes AVC? 3. The Bounds Inc. has the following total address (TC) use of goods and services (where Q is the number of units produced and sold): TC = 50 + 100Q 6Q2 + 0.5Q3 a) Determine the yield designate level (Q*) that minimizes borderline cost (MC). b) How could you know that the value of Q* in part (a) minimizes rat her than maximizes MC? 4. A firms demand process is given as follows: Q = 180 2P and its total cost (TC) last as: TC = 50 + 100Q 6Q2 + 0.5Q3 a) Determine the level of output signal Q* that maximizes profits. b) Determine the level of output Q* that minimizes profits. 5. Hameed Electronics Company operates in the super competitive electronics industry. Prices for its control switches atomic number 18 constant at $100 each. Engineering estimates indicate that pertinent total and marginal cost transaction for its switch mannikin ar: TC = $500,000 - $25Q + $0.0025Q2 MC = ?TC/?Q = -$25 + $0.005Q (a) direct the output level that will minimize TC. (b) Calculate the output level that will maximize the companys profit. What is this maximum profit? 6. east aluminum is a manufacturer of aluminum kitchens. Its revenue and cost relations are: TR = $3,000Q - $0.5Q2 and TC = $100,000 + $1,500Q + $0.1Q2 Calculate output, marginal cost, average cost, margina! l revenue and price, at the profit-maximizing activity level. 7....If you loss to operate a full essay, order it on our website: OrderEssay.net

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