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2 answers:
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Answer:
Point C and G. Refer to the attached image.
Explanation:
According to the attached image, the price and quantity combination the government would regulate this firm to get as close as possible to the most efficient point for society is C and G because, this is the point where marginal cost MC and Average Total Cost intercept and form lower equilibrium point.
This means that if company sell at this point they will not run at shortage and also for buying society, the quantity they will buy is also at the increase making it the most efficient point for the society.
The cars should be rented at $34 per day for a maximum income of $6268 per day.
If the daily rental is increased by $x
<u>Then </u>
Rental: R(x)=(28+x)dollars per car-day
Number of cars rented:
N(x) = (220−6x) and Income: I(x) = (28+x) (220−6x) = 6,610 + 52x−5 dollars/day.
The maximum will be achieved when the derivative of I (x) is zero.
= 52−10x = 0
⇒ x = 5.2
For an even dollar rental amount, and increase of $5/day or $6/day will generate the same income.
So
$28+$5 = $33/day
or
$28+$6 = $34/day
would both be valid answers.
However, $34/day involves renting fewer cars and thus reduced expenses.
Using basic substitution and arithmetic
I(4) = $6,268
<h3>What is Maximum revenue ?</h3>
Maximum revenue is defined as the total maximum amount of revenue of product or service can yield at maximum demand and price.
To calculate maximum revenue, determine the revenue function and then find its maximum value. Write a formula where p equals price and q equals demand, in the number of units.
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