Question 1

A firm's demand function is defined as Q = 14 - 2P. Use this function to calculate total revenue when price is equal to 3 and when price is equal to 4. What is marginal revenue equal to between P = 3 and P = 4?

Accepted Answer

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Question 2

A firm's demand function is defined as Q = 30 - P. Use this function to calculate total revenue when price is equal to 5 and when price is equal to 6. What is marginal revenue equal to between P = 5 and P = 6?

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The answer of A firm's demand function is defined as...

Question 3

A firm's demand function is defined as Q = 30 - 2P. Use this function to calculate total revenue when price is equal to 10 and when price is equal to 11. What is marginal revenue equal to between P = 10 and P = 11?

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Question 4

Use the production relationship between total product (Q) and units of labor (L) employed that is presented in the table below to calculate the average and marginal product of labor when L = 5.
 $$\begin{array} { r r r r r r r r r r } 
L & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 \
Q & 3 & 7 & 13 & 17 & 20 & 22 & 23 & 23 & 22
\end{array}$$

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The answer of Use the production relationship between total product...

Question 5

Use the total cost (TC) schedule that is presented in the table below to calculate average total cost, average variable cost, average fixed cost, and marginal cost when output (Q) is equal to 5.
 $$\begin{array} { l r r r r r r r r r r } 
Q & 0 & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 \
T C & 5 & 7 & 8 & 10 & 14 & 20 & 28 & 38 & 50 & 72
\end{array}$$

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Question 6

Use the total cost (TC) schedule that is presented in the table below to determine the optimal rate of production when the firm can sell all of the output it produces at a price of $10 per unit. Also determine the level of profit (or loss) that the firm will experience at this level of output.
 $$\begin{array} { l r r r r r r r r r r } 
Q & 0 & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 \
T C & 5 & 7 & 8 & 10 & 14 & 20 & 28 & 38 & 50 & 72
\end{array}$$

Accepted Answer

The answer of Use the total cost (TC) schedule that...

Question 7

Use the total cost (TC) schedule that is presented in the table below to determine the optimal rate of production when the firm can sell all of the output it produces at a price of $6 per unit. Also determine the level of profit (or loss) that the firm will experience at this level of output.
 $$\begin{array} { l r r r r r r r r r r } 
Q & 0 & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 \
T C & 15 & 17 & 18 & 20 & 24 & 30 & 38 & 48 & 60 & 82
\end{array}$$

Accepted Answer

The answer of Use the total cost (TC) schedule that...

Question 8

Use the demand schedule that is presented in the table below to determine the optimal rate of production and price when the firm has a constant marginal cost of $10 per unit.
 $$\begin{array} { l r r r r r r r r r r } 
\text { Quantity } & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 & 10 \
\text { Price } & 80 & 60 & 48 & 40 & 34 & 29 & 25 & 20 & 15 & 10
\end{array}$$

Accepted Answer

The answer of Use the demand schedule that is presented...

Question 9

Use the demand schedule that is presented in the table below to determine the optimal rate of production and price when the firm has the following marginal cost function: MC = 1 + Q/2.
 $$\begin{array} { l r r r r r r r r r r } 
\text { Quantity } & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 & 10 \
\text { Price } & 80 & 60 & 48 & 40 & 34 & 29 & 25 & 20 & 15 & 10
\end{array}$$

Accepted Answer

The answer of Use the demand schedule that is presented...

Question 10

A firm's demand function is defined as Q = 20 - 2P. Use this function to calculate total revenue when price is equal to 3 and when price is equal to 4. What is marginal revenue equal to between P = 3 and P = 4?

Accepted Answer

The answer of A firm's demand function is defined as...

Question 11

A firm's demand function is defined as Q = 40 - P. Use this function to calculate total revenue when price is equal to 5 and when price is equal to 6. What is marginal revenue equal to between P = 25 and P = 26?

Accepted Answer

The answer of A firm's demand function is defined as...

Question 12

A firm's demand function is defined as Q = 100 - 5P. Use this function to calculate total revenue when price is equal to 10 and when price is equal to 12. What is marginal revenue equal to between P = 10 and P = 12?

Accepted Answer

The answer of A firm's demand function is defined as...

Question 13

Use the production relationship between total product (Q) and units of labor (L) employed that is presented in the table below to calculate the average and marginal product of labor when Q = 4.
 $$\begin{array} { r r r r r r r r r r } 
L & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 \
Q & 2 & 5 & 11 & 16 & 20 & 22 & 23 & 23 & 22
\end{array}$$

Accepted Answer

The answer of Use the production relationship between total product...

Question 14

Use the total cost (TC) schedule that is presented in the table below to calculate average total cost, average variable cost, average fixed cost, and marginal cost when output (Q) is equal to 4.
 $$\begin{array} { l r r r r r r r r r r } 
Q & 0 & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 \
T C & 3 & 6 & 8 & 11 & 15 & 20 & 26 & 34 & 55 & 70
\end{array}$$

Accepted Answer

The answer of Use the total cost (TC) schedule that...

Question 15

Use the total cost (TC) schedule that is presented in the table below to determine the optimal rate of production when the firm can sell all of the output it produces at a price of $6 per unit. Also determine the level of profit (or loss) that the firm will experience at this level of output.
 $$\begin{array} { l r r r r r r r r r r } 
Q & 0 & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 \
T C & 3 & 6 & 8 & 11 & 15 & 20 & 26 & 34 & 55 & 70
\end{array}$$

Accepted Answer

The answer of Use the total cost (TC) schedule that...

Question 16

Use the total cost (TC) schedule that is presented in the table below to determine the optimal rate of production when the firm can sell all of the output it produces at a price of $8 per unit. Also determine the level of profit (or loss) that the firm will experience at this level of output.
 $$\begin{array} { l r r r r r r r r r r } 
Q & 0 & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 \
T C & 15 & 17 & 18 & 20 & 24 & 30 & 38 & 48 & 60 & 82
\end{array}$$

Accepted Answer

The answer of Use the total cost (TC) schedule that...

Question 17

Use the demand schedule that is presented in the table below to determine the optimal rate of production and price when the firm has a constant marginal cost of $16 per unit.
 $$\begin{array} { l r r r r r r r r r r } 
\text { Quantity } & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 & 10 \
\text { Price } & 80 & 60 & 48 & 40 & 34 & 29 & 25 & 20 & 15 & 10
\end{array}$$

Accepted Answer

The answer of Use the demand schedule that is presented...

Question 18

Use the demand schedule that is presented in the table below to determine the optimal rate of production and price when the firm has the following marginal cost function: MC = 1 + Q.
 $$\begin{array} { l r r r r r r r r r r } 
\text { Quantity } & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 & 10 \
\text { Price } & 80 & 60 & 48 & 40 & 34 & 29 & 25 & 20 & 15 & 10
\end{array}$$

Accepted Answer

The answer of Use the demand schedule that is presented...

Question 19

A firm's demand function is Q = 16 - P and its total cost function is defined as TC = 3 + Q + 0.25Q². Use these two functions to form the firm's profit function and then determine the level of output that yields the profit maximum. What is the level of profit at the optimum?

Accepted Answer

The answer of A firm's demand function is Q =...

Question 20

A firm's demand function is Q = 40 - 2P and its total cost function is defined as TC = 100 + 2Q + 0.25Q². Use these two functions to form the firm's profit function and then determine the level of output that yields the profit maximum. What is the level of profit at the optimum level of output?

Accepted Answer

The answer of A firm's demand function is Q =...

Quiz 3: Optimization Techniques and New Management Tools

A firm's demand function is defined as Q = 14 - 2P. Use this function to calculate total revenue when price is equal to 3 and when price is equal to 4. What is marginal revenue equal to between P = 3 and P = 4?

A firm's demand function is defined as Q = 30 - P. Use this function to calculate total revenue when price is equal to 5 and when price is equal to 6. What is marginal revenue equal to between P = 5 and P = 6?

A firm's demand function is defined as Q = 30 - 2P. Use this function to calculate total revenue when price is equal to 10 and when price is equal to 11. What is marginal revenue equal to between P = 10 and P = 11?

A firm's demand function is defined as Q = 20 - 2P. Use this function to calculate total revenue when price is equal to 3 and when price is equal to 4. What is marginal revenue equal to between P = 3 and P = 4?

A firm's demand function is defined as Q = 40 - P. Use this function to calculate total revenue when price is equal to 5 and when price is equal to 6. What is marginal revenue equal to between P = 25 and P = 26?

A firm's demand function is defined as Q = 100 - 5P. Use this function to calculate total revenue when price is equal to 10 and when price is equal to 12. What is marginal revenue equal to between P = 10 and P = 12?

A firm's demand function is Q = 16 - P and its total cost function is defined as TC = 3 + Q + 0.25Q2. Use these two functions to form the firm's profit function and then determine the level of output that yields the profit maximum. What is the level of profit at the optimum?

A firm's demand function is Q = 40 - 2P and its total cost function is defined as TC = 100 + 2Q + 0.25Q2. Use these two functions to form the firm's profit function and then determine the level of output that yields the profit maximum. What is the level of profit at the optimum level of output?

A firm's demand function is Q = 16 - P and its total cost function is defined as TC = 3 + Q + 0.25Q². Use these two functions to form the firm's profit function and then determine the level of output that yields the profit maximum. What is the level of profit at the optimum?

A firm's demand function is Q = 40 - 2P and its total cost function is defined as TC = 100 + 2Q + 0.25Q². Use these two functions to form the firm's profit function and then determine the level of output that yields the profit maximum. What is the level of profit at the optimum level of output?