Suppose Kate's Great Crete (KGC) has annual variable costs of VC = 30Q + 0.0025Q2 and marginal costs of MC = 30 + 0.005Q, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is Qd = 20,000 - 400P. What is KGC's total revenue function?
A. TR = 50Q - 0.0025Q2
B. TR = 50Q + 0.0025Q2
C. TR = 20,000 - 400P
D. TR = 50 - 0.005Q
A. TR = 50Q - 0.0025Q2
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________________ is defined as "an unconscionable or exorbitant rate of interest."
Fill in the blank(s) with the appropriate word(s).
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.
Jamal earns $150,000 per year and Josephina earns $80,000 per year. If Jamal pays $15,000 in income taxes and Josephina pays $8,000 in income taxes, the income tax system would be
A. regressive. B. proportional. C. marginal. D. progressive.
At the ________ level of provision for a ________ good, the government must know everyone's preferences.
A. optimal; public B. optimal; private C. unregulated; public D. unregulated; private