Radon Research Corporation (RRC) is one of 24 firms in Albuquerque testing homes for dangerous levels of radon gas. There is a standard test that all testing companies use. The manager of RRC wants to know the number of homes to test in 2015 in order to maximize the firm's profit. The manager forecasted a price of $160 for radon tests in 2015. The firm's marginal cost was estimated asSMC = 200 ? 15Q + 0.8Q2where Q is the number of tests performed each week. RRC's fixed cost will be $250 per week. How many radon tests per week should be undertaken?
A. 16.8
B. 15.5
C. 12.5
D. 20
E. 17.3
Answer: B
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Refer to Table 4-7. What is the equilibrium hourly wage (W*) and the equilibrium quantity of labor (Q*)?
A) W* = $10.50; Q* = 1,180,000 B) W* = $10.50; Q* = 590,000 C) W* = $9.50; Q* = 570,000 D) W* = $11.50; Q* = 570,000
Each point on the demand curve indicates
a. the amount people want to buy at different income levels. b. the quantity demanded at that price. c. the amount that people need. d. the demand for the product.
The three problems with determining whether an equal income distribution is fair include all of the following except:
A. income differences and wealth differences are not the same. B. people's efforts differ. C. people don't start from equivalent positions. D. people's needs differ.
What is the future value of $1,000 after six months earning 12% annually?
A. $1,050.00 B. $1,058.30 C. $1,060.00 D. $1,120.00