a) -20
b)20
c)40
2. Demand for Wally’s Wonderful Burgers is given as Q = 100 – 10P.
His cost of production is given as total cost C(Q) = 30 + 4Q. At Wally’s revenue maximizing price the absolute value of the price elasticity of demand for his burgers equals:
a)1
b) 0.3
3. Demand for Wally’s Wonderful Burgers is given as Q = 100 – 10P. His cost of production is given as total cost C(Q) = 30 + 4Q. If Wally is a profit maximizer his profit from burger sales will equal _______
a)-20
b)60
1 ) First step :you need to find the inverse demand functionQQ = 100 – 10 p -10 P = 100 – Q -7 p = 10 – 01 4TR = P. Q = 10 Q – 0, 1 Q2MR = 2TR_ 10 – 0, 2QRevenue man occurs at MRZQ10 – 0,…
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