Cost Function Variables
Not what you're looking for?
OTA Comments:
I need 3 pieces of information.
1) You are missing a crucial piece of information and that is the
market price or marginal revenue.
2) You have what appears to be a demand fxn. I don't know if it is a
market or firm demand function though.
Your cost fxn. is fine for this type of problem.
Please add this data and I can provide a nice explanation with a graph.
My response:
The problem I am trying to solve includes the following known variables:
P = 800 - 5Q and MC = 15Q. I am trying to understand how to determine price and quantity for a monopoly and a perfectly competitive firm and how to calculate economic profit for the monopoly.
Thank you
Purchase this Solution
Solution Summary
The expert examines cost function variables.
Purchase this Solution
Free BrainMass Quizzes
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.