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Derive total revenue, average revenue, plot graph

Given the following total-revenue function: TR = 9Q - Q² (a) Derive the total-revenue, average-revenue, and marginal-revenue schedules from Q = 0 to Q = 6 by 1s (b) On the same set of axes, plot the total-revenue, the average-revenue, and the marginal-revenue schedules of part (a) (c) With reference to your figu

Externality Charges

A club charged its customers an upfront fee to be able to drink an unlimited amount of alcohol. Since excessive drinking was seen as a problem the club started charging per drink. What are two other solutions besides a per drink fee to solve the problem of excessive drinking?

Minimum fee

Question: What contingency fee (percent of winnings) is the minimum amount that would induce the plaintiff's lawyer to choose "above average effort" over "average effort"? Given info - attached.

Standard deviation

SALES ($000) Probabilities 240 0.15 280 0.2 320 0.3 360 0.2 400 0.15 A. Calculate the Expected Revenue B. Calcul

Multiple Choice Economics

The constant or intercept term in a statistical demand study represents the quantity demanded when all independent variables are equal to: a. 1.0 b. their minimum values c. their average values d. 0.0 e. none of the above

Multiple Choice Economics

Marginal revenue (MR) is ____________ when total revenue is maximized. a. greater than one b. equal to one c. less than zero d. equal to zero e. equal to minus one

How much tax of each type do you pay if you earn $20,000 a year?

TABLE 3 ON TAXABLE INCOME......... THE TAX RATE IS........ UP TO $27,050 15.0% FROM $27,050 TO 65,550 27.5 FROM $65,550 TO 136,750 30.5 FROM $136,750 TO 297,350 35.5 OVER $297,350 39.1 Suppose you are a typical person in the U.S. economy. You pay 4 percent of your income in state income tax and 15.3 percent of your l

Competition quote

Is about Competition In the Woody Allen film Radio Days, a character who has never been successful in business decides to start a career engraving gold jewelry. He argues that this should be especially lucrative, because the engraver gets to keep the gold dust from other people's jewelry. Comment.

Identify which are statements of science

Identify which of the following are statements of science: that is, statements involving both language and fact. a. My mother is a beautiful woman b. 10 + 10 = 100 c. In the northern hemisphere, daylight lasts kinger in summer than in winter d. The force exerted by a moving body is directly related to its acceleration e. 12

price-cost markup

A. What price-cost markup is implied by a firm' elasticity of demand equal to -3.0? B. A "loss leader" is often defined as a product which is sold below incremental cost in order to build traffic to a store (whether physical or online). How would you reconcile the use of loss leaders with the markup rule you used in p

Dynamic Pricing Explanation

Select a company that uses (or has used) dynamic pricing. Briefly explain how the company uses dynamic pricing. What are the benefits and drawbacks of dynamic pricing for a particular company?

Squaring the market share of firms

For example: a market jwith two firms, one with a 60% market share and a second with a 40% share. The HHI (Herfindahl-Hirschman Index) for the market is 5,200, computed by adding the square of 60 (3,600) to the square of 40 (1,600) My question? I have forgotten how to do square root! How did they come to the square of 60 and

TVC curve

I need a detailed answer illustrated with a graph.. Could you graph a typical TVC curve and explain how it reflects diminishing returns?

Microeconomics -- marginal social costs (pollution problem)

#2) The marginal social costs and abatement costs of a certain type of air pollution for a factory are given as: MSC = -1121 + 22.5Q MCA = 879 - 17.5Q Q = units of pollution per day, and MSC and MCA are measured in dollars. The Factory is located in a small town that is currently considering how to address the pollution


Calulate the multiplier for the following cases MPS=0.25 MPC=5/6 MPS=0.125 MPC=6/7 C=$200=0.85y

Estimating demand

I need to know how to calculate demand and price for two different demand functions that have the same cost function. P1 = 20 - .0125Q1 P2 = 40 - .025Q2 ATC = MC = 3.00. How do I calculate the price and quantity for each? How does ATC/MC factor into the price/quantity estimate? What is the economic profit for each?

Follow-up question regarding solving for price and quantity

For monopoly set the price when MC=MR For calculating MR first write the equation for total revenue (TR) TR=P*Q = (800-5Q)*Q --------(1) Differentiate (1) w.r.t. Q to get MR MR=dTR/dQ = 800 - 10Q----------(2) MC = 15Q Equate MC and MR, we get Q = 32 Put this in equation for P to calculate P, P=640 The above resp

Pricing question

Some tennis clubs charge an up-front fee to join and a per-hour charge for court time. Others do not charge a membership fee but charge a higher per-hour fee for court time. Consider clubs in two different locations. One is located in a suburban area where the residents tend to be of similar age, income, and occupation. Whic

Economic problem

Suppose there is a water project, in where $100,000,000 has been spent. Additional cost is needed is $200,000,000. When completed the project will yield total $150,000,000. There is an argument when the project should completed. Otherwise the first $100,000,000 will have been wasted. What comment and recommendation is needed fo

Marginal Revenue - Marginal Cost

If a firm finds out that its MR is greater than its MC, it should: a) increase production and sales B0 decrease production and sales c) encourage the entry of other firms into the market d) keep raising its selling price until MR =MC. E) change nothing because profits are maximized.

Marginal Revenue - Demand Curves

Marginal Revenue becomes negative for a firm faced with a downward-sloping demand curve when: a) the demand price becomes negative b) the demand elasticity drops from elastic to inelastic c) total revenue is maximized d) the loss on previous units is at is maximum e) both b and c