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Answer in Microeconomics for Eva #180633

Author:
March 27th, 2023

Suppose that an industry is dominated BT a single producer, the demand for it’s product is Q=300-6p.suppose further that TC=5Q+1/480Q×2 is the cost function of the firm

The profit-maximizing quantity is produced at MR = MC, so:

Q = 300 – 6p or p = 50 – 1/6Q,

“MR = TR'(Q) = 50 – 1/3Q,”

“MC = TC'(Q) = 5 + 1/240Q,”

50 – 1/3Q = 5 + 1/240Q,

81/240Q = 45,

Q = 45×240/81 = 133.33 units.

p = 50 – 1/6×133.33 = 27.78.

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