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LekaFEV [45]
3 years ago
5

A firm in a competitive industry has a total cost function of TC = 0.2 Q2 – 5Q + 30, whosecorresponding marginal cost curve is M

C=0.4Q – 5. If the firm faces a price of 6,
a)what quantity should it sell? (10 points)

b)What profit does the firm make at this price? (10 points)

c)Should the firm shut down? (10 points)
Business
1 answer:
Mama L [17]3 years ago
7 0

Answer:

Consider the following calculations

Explanation:

TC=0.2Q2 - 5Q + 30,

MC=0.4Q - 5.

Equilibrium condition

MC=P

0.4Q - 5 = 6

0.4Q = 11

Q = 11/.4

=27.5

Profit = TR - TC

        =27.5*6 - .2(27.5)2 -5(27.5)+30

       =165 -756.25 -137.5 +30

       = - 698.5

Firm is incurring loss

Firm will continue to produce as long as it is able to recover AVC

AVC =0.2Q -5

=0.2(27.5) -5

=5.5 -5

=0.5

Hence firm will continue to produce

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Not newsworthy.

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News or program on TV. Reliable or relevant
allochka39001 [22]

Answer:

<u>Relevant</u>

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5 0
3 years ago
What is one downside to competition in a free-enterprise system?
Anastasy [175]
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6 0
3 years ago
Read 2 more answers
Local Co. has sales of $ 10.2 million and cost of sales of $ 5.7 million. Its​ selling, general and administrative expenses are
hoa [83]

Answer:

a. What is​ Local's gross​ margin? ​(Round to one decimal​ place.)

0.4412 / 44.12%

b. What is​ Local's operating​ margin? ​(Round to one decimal​ place.)

0.1618 / 16.18%

c. What is​ Local's net profit​ margin? ​​(Round to two decimal​ places.)

0.1049 / 10.49%

Explanation:

                                                  Local Co.

              Income Statement for the year ended MM DD, YY

                                                                            $, million

Sales                                                                         10.20

-Cost of sales                                                            <u> 5.70</u>

=Gross Income                                                          4.50

-Selling, general and administrative expenses      0.55

-Research and development                                    1.20

-Annual depreciation charges                                 <u> 1.10 </u>

=Operating Income                                                   1.65

-Tax rate of 35 %.                                                     <u> 0.58 </u>

=Net Income                                                             <u> </u><u>1.07 </u>

(a) Gross Margin = Gross Income / Sales = 4.50 / 10.20 = 0.4412 = 44.12%

(b) Operating Margin = Operating Profit / Sales = 1.65 / 10.20 =0.1618=16.18%

(c) Net Profit Margin = Net Income / Sales = 1.07 / 10.20 = 0.1049 = 10.49%

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forsale [732]

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Septic systems are commonly used in rural areas where there is no centralised waste treatment system.

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