From the scenario, assuming Katrinas Candies is operating in the monopolistically competitive market structure and faces the following weekly demand and short run cost
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From the scenario, assuming Katrinas Candies is operating in the monopolistically competitive market structure and faces the following weekly demand and short-run cost functions:
VC 20Q Q2 with MC20 and FC 5,000
P and MR
Where price is in and Q is in kilograms. All answers should be rounded to the nearest whole number.
solve for the revenue maximizing P and Q [where E 1 or where MC MR 0].
Algebraically, determine what price Katrinas Candies should charge if the company wants to maximize revenue in the short run. Determine the quantity that would be produced at this price and the maximum revenue possible
Answer:
Demand curve: P (1)
Total revenue (TR) PQ 50Q 2
At maximum point;...
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Published On:
07/11/2016
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