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Microecon help

Thread starter Warrior
Start date Nov 21, 2017

Warrior

Permabanned

Nov 21, 2017

1) You operate a business in a perfectly competitive environment. The Market price is $100; Your Fixed costs are $10,000 and your marginal cost function is

MC = 10 + 0.2Q. Determine your profit maximizing output, total revenue, variable cost, total cost and profit.

2) You operate as a pure monopolist. Your demand function is P = 1000 - 0.2Q, your marginal cost function is MC = 100 + 0.1Q and your fixed costs are

$300,000. Determine your profit maximizing output, price, total revenue, average variable cost, variable cost, total cost and profit.

can someone please help me with this practice problem my econ professor gave a long time ago? it's not a grade, it's just practice, i swear.

PLEASE HELP!!!!!