Marginal Cost of Production

Nonfiction, Social & Cultural Studies, Social Science, Statistics
Cover of the book Marginal Cost of Production by Homework Help Classof1, Classof1
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Author: Homework Help Classof1 ISBN: 1230000148101
Publisher: Classof1 Publication: July 4, 2013
Imprint: Language: English
Author: Homework Help Classof1
ISBN: 1230000148101
Publisher: Classof1
Publication: July 4, 2013
Imprint:
Language: English

Suppose you are the manager of a watchmaking firm operating in a competitive market.  Your cost of production is given by C = 200 +2 q2, where q is the level of output and C is total cost.  (The marginal cost of production is 4q.  The fixed cost of production is $200.)
(a) If the price of watches is $100, how many watches should you produce to maximize profit?
(b) What will the profit level be?
(c) At what minimum price will the firm produce a positive output?

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Suppose you are the manager of a watchmaking firm operating in a competitive market.  Your cost of production is given by C = 200 +2 q2, where q is the level of output and C is total cost.  (The marginal cost of production is 4q.  The fixed cost of production is $200.)
(a) If the price of watches is $100, how many watches should you produce to maximize profit?
(b) What will the profit level be?
(c) At what minimum price will the firm produce a positive output?

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