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Homework answers / question archive /   QUESTION 5 (25 Marks) Rosebud Private Limited produces cooking oil and has many competitors producing close substitutes products

  QUESTION 5 (25 Marks) Rosebud Private Limited produces cooking oil and has many competitors producing close substitutes products

Economics

 

QUESTION 5 (25 Marks) Rosebud Private Limited produces cooking oil and has many competitors producing close substitutes products. The firm has the following revenue and cost functions. TR= 15Q-0.3Q2 TC = 8Q+0.02Q2 Where Q is output and price is in S: a. Identify the market structure the firm is operating in. Explain your choice. b. Determine the output that maximizes total revenue. c. Using marginal approach, determine the output and price that maximizes profit. (Hint: TR=P.2) d. Determine the profit loss of the firm. e. Based on approach in (c), illustrate using completely label diagram for situation that you obtain in (d). f. Is the firm operating in the short run or long run? Give your reason.

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