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Economics, Other
Year 4
demand and cost functions
2. Suppose you are the manager of Alpha Enterprises-a firm that holds a patent that makes it the exclusive manufacturer of bubble memory chips. Based on the estimates provided by a consultant, you know that the relevant demand and cost functions for bubble memory chips are Q = 25 - .5P; C = 50 + 2Q.
a. What is the firm's inverse demand function?
b. What is the firm's marginal revenue when producing 4 units of output?
c. What level of output would maximize profits?
d. At what price would you maximizing profits?
e. What will be the dollar level of your profits?
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