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Suppose that you can sell as much of a product (in integer units) as you like at $63 per unit. Your marginal cost (MC) for producing the qth unit is given by: MC=6q This means that each unit costs more to produce than the previous one (e.g., the first unit costs 6*1, the second unit (by itself) costs 6*2, etc.). If fixed costs are $90, what is the profit at the optimal output level? Please specify your answer as an integer. Assume that a competitive firm has the total cost function: TC = 1q3 - 40q2 + 880q + 2000 Suppose the price of the firm's output (sold in integer units) is $550 per unit. Using tables (but not calculus) to find a solution, how many units should the firm produce to maximize profit? Please specify your answer as an integer.

Date Posted: 12/07/2016
Category: General
Due Date: 13/07/2016
Instruction
1. Suppose that you can sell as much of a product (in integer units) as you like at $63 per unit. Your marginal cost (MC) for producing the qth unit is given by:
MC=6q

This means that each unit costs more to produce than the previous one (e.g., the first unit costs 6*1, the second unit (by itself) costs 6*2, etc.).

If fixed costs are $90, what is the profit at the optimal output level?

Please specify your answer as an integer.



2. Assume that a competitive firm has the total cost function:

TC = 1q3 - 40q2 + 880q + 2000

Suppose the price of the firm's output (sold in integer units) is $550 per unit.

Using tables (but not calculus) to find a solution, how many units should the firm produce to maximize profit?

Please specify your answer as an integer.
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proffesoranncarrl 9 years, 9 months ago
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ExcellentTutor 9 years, 9 months ago
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    User_9772 | Dec 07, 2016, 17:34 PM
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  • I have uploaded your assignment kindly check and release the payment.Regards
    ExcellentTutor | Dec 07, 2016, 18:56 PM
  • both answers where wrong
    User_9772 | Dec 07, 2016, 19:48 PM
  • I now have the 2 questions replaced.... 2. Suppose that you can sell as much of a product (in integer units) as you like at $62 per unit. Your marginal cost (MC) for producing the qth unit is given by: MC=6q This means that each unit costs more to produce than the previous one (e.g., the first unit costs 6*1, the second unit (by itself) costs 6*2, etc.). If fixed costs are $70, what is the profit at the optimal output level? Please specify your answer as an integer. 3. Assume that a competitive firm has the total cost function: TC = 1q3 - 40q2 + 710q + 1700 Suppose the price of the firm's output (sold in integer units) is $550 per unit. Using tables (but not calculus) to find a solution, what is the total profit at the optimal output level? Please specify your answer as an integer.
    User_9772 | Dec 07, 2016, 19:49 PM
  • let me check again
    ExcellentTutor | Dec 07, 2016, 19:59 PM
  • i tried to do it myself and i got it wrong a well, the new questions are these... 2. Suppose that you can sell as much of a product (in integer units) as you like at $46 per unit. Your marginal cost (MC) for producing the qth unit is given by: MC=7q This means that each unit costs more to produce than the previous one (e.g., the first unit costs 7*1, the second unit (by itself) costs 7*2, etc.). If fixed costs are $70, what is the profit at the optimal output level? Please specify your answer as an integer. 3. Assume that a competitive firm has the total cost function: TC = 1q3 - 40q2 + 820q + 1900 Suppose the price of the firm's output (sold in integer units) is $600 per unit. Using tables (but not calculus) to find a solution, how many units should the firm produce to maximize profit? Please specify your answer as an integer.
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    ExcellentTutor | Dec 07, 2016, 22:49 PM
  • the units of productions can not be fractions they must be a whole number, (in integer units ) as written in the instructions. thats why number 1 was wrong. i do not know why number 2 is wrong but the right answer was 24.
    User_9772 | Dec 07, 2016, 23:23 PM
  • 1. Suppose that you can sell as much of a product (in integer units) as you like at $43 per unit. Your marginal cost (MC) for producing the qth unit is given by: MC=8q This means that each unit costs more to produce than the previous one (e.g., the first unit costs 8*1, the second unit (by itself) costs 8*2, etc.). If fixed costs are $350, what is the optimal output level? Please specify your answer as an integer. 2. Assume that a competitive firm has the total cost function: TC = 1q3 - 40q2 + 820q + 1900 Suppose the price of the firm's output (sold in integer units) is $600 per unit. Using tables (but not calculus) to find a solution, how many units should the firm produce to maximize profit? Please specify your answer as an integer.
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