Answer:
Quantity = 59 units
Price = $111
Step-by-step explanation:
The Demand function is given by
The Marginal cost is given by
We are asked to find the quantity and price of goods.
Firstly, obtain the Marginal revenue function from the demand function
The Total revenue is given by
The Marginal revenue is the derivative of the Total revenue,
Assuming that the monopolist maximizes profits,
Therefore, the quantity is 59 units.
The price of each good is
Therefore, the price is $111.
Answer:
Percentage = 14.2%
Step-by-step explanation:
<u>Given the following data;</u>
Cost of plane ticket = £588
Airport tax = $130
£1 = $1.34
To find the percentage of the total cost spent on airport tax;
First of all, we would convert the ticket cost in pounds (£) to dollars ($).
Cost of plane ticket = £588 to $ = 588 * 1.34 = $787. 92
Total cost = Cost of plane ticket + Airport tax
Total cost = 787. 92 + 130
Total cost = $917.92
<em>Percentage cost = 14.16 to 1 d.p = 14.2%</em>
<em>Therefore, the percentage of the total cost spent on airport tax by Rimo is 14.2 percent. </em>