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(answered) – 1 The Taft Company, run by 2 partners, produces a particular type

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(answered) – 1 The Taft Company, run by 2 partners, produces a particular typeDescriptionSolution downloadThe Question1 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ??The Taft Company, run by 2 partners, produces a particular type of packaging machine in a single manufacturing facility.The demand curve for its product is:P = 4,000 ? 0.5 qand its total cost function is:C = 1,000,000 + 2,000 qwhere P is price (in dollars), C is total cost (in dollars), and q is monthly output.Partner Number 1 wants to bring in as much revenue as possible. What price and quantity will he recommend? What is the firm?s monthly profit? Show work, using marginal analysis.Partner Number 2 wants to bring in as much profit as possible. What price and quantity will she recommend? What is the firm?s monthly profit? Show work, using marginal analysis.Compared to your answer in part b, how much would profit be reduced if the firm faced a price ceiling of $2,800? Show work.2?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????A firm that sells an economics book faces a demand curve:P = 200 ? 5qe,while another firm that sells a chemistry book faces a demand curve:?P = 150 ? 10 qc.Suppose that both firms, independently, decide to sell their books for $50.Calculate how many economics books will be demanded from the first firm and how many chemistry books will be demanded from the second firm. Show work.Calculate the point price elasticities of demand for the two firms at P = $50 and the quantities calculated in part a.Explain whether the calculated elasticities represent elastic, inelastic, or unitary elastic demand. Which of the two firms has a more elastic demand? Explain.