Economics - Ohter - Maximum Profit

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  (a) Profit = Revenue - Cost = P * Q - TC = (29 - 2Q) * Q - (20 + 7Q) = 29Q - 2Q^2 - 20 - 7Q = -2Q^2 + 22Q - 20 For maximum profit, dProfit/dQ = 0 -4Q + 22 = 0 Q = 5.5 P = 29 - 2 * 5.5 = 18 Profit = -2(5.5)^2 + 22(5.5) - 20 = 40.5 (

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• maximum profit

  Determine maximum profit.

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  = TR - TC = 275.5- 95= 180.5 Then the total profit is 122.5 + 180.5 = 303 Determine maximum profits.

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  372146 Managerial Economics: Calculating Maximum Profit and Revenue A monopolist's demand function is given by P = 80-3Q (with MR = 80-6Q). Its total cost function is TC = 20Q + 200 (with MC = 20).

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  (a) For a perfectly competitive form, at profit maximizing putput, P = MC 250 = 10 + 5Q 5Q = 250 - 10 = 240 Q = 48 units (b) Total Revenue, TR = PQ = 250 * 48 = $12000 Total Cost, TC = 1000 + 100(48) + 2.5(48)^2 = $11560 Maximum Profit

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  c) We can find the maximum point of the profit graph by calculating P' and solving for t when P'=0. The maximum profit occurs when the price is $28.50. The number of traps at t=28.5 is D=116 - 2(28.5) = 116 - 57 = 59 traps.

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  Calculate the maximum profits. c. Is demand elastic, inelastic, or unit elastic at the profit-maximizing price-quantity combination? d. What price-quantity combination maximizes revenue? e. Calculate the maximum revenues. f.