Determine the Quantity that would be Produced at this Price and the Maximum Revenue Possible

$10.00

  • Determine the maximum revenue possible

 

 

SKU: Eco000123

1)Market Structures

From the scenario, assuming Katrina’s Candies is operating in the monopolistic ally competitive market structure and faces the following weekly demand and short-run cost functions:

VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000

P = 50-0.01Q and MR = 50-0.02Q

Where price is in $ and Q is in kilograms. All answers should be rounded to the nearest whole number.

Algebraically, determine what price Katrina’s Candies should charge in order for the company to maximize profit in the short run. Determine the quantity that would be produced at this price and the maximum profit possible

 

2)Maximizing Revenue

From the scenario, assuming Katrina’s Candies is operating in the monopolistic ally competitive market structure and faces the following weekly demand and short-run cost functions:

VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000

P = 50-0.01Q and MR = 50-0.02Q

Where price is in $ and Q is in kilograms. All answers should be rounded to the nearest whole number.

 

Algebraically, determine what price Katrina’s Candies should charge if the company wants to maximize revenue in the short run. Determine the quantity that would be produced at this price and the maximum revenue possible

 

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