2. A Hawkeye has total cost and total revenue equations, but cannot figure out what the firm should do, Use your knowledge of profit-maximization to find the profit-maximizing quantity (X), the Total Revenue at that quantity, the Total Cost at that quantity, and the maximum profits earned. Total Cost X+4*X2 +100*X+100 Total Revenue --X2+500*X Profit-maximizing Quantity = Total Revenue at Profit-maximizing Quantity= Total Cost at Profit-maximizing Quantity= Maximum Profit Earned: =
2. A Hawkeye has total cost and total revenue equations, but cannot figure out what the firm should do, Use your knowledge of profit-maximization to find the profit-maximizing quantity (X), the Total Revenue at that quantity, the Total Cost at that quantity, and the maximum profits earned. Total Cost X+4*X2 +100*X+100 Total Revenue --X2+500*X Profit-maximizing Quantity = Total Revenue at Profit-maximizing Quantity= Total Cost at Profit-maximizing Quantity= Maximum Profit Earned: =
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 7PA
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