What is the amount of total benefits- total costs, Business Economics

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What is the amount of total benefits- total costs

Cost-Benefit Analysis: Known Cost & Benefit Functions

Suppose a firm faces the total benefit function:

B(Q) = 18Q - Q^2
and the total cost function:

C(Q) = 2 - 2Q +Q^2

a. What quantity should the firm select?

b. What is the amount of total benefits, total costs and total net benefits at the selected quantity?

c. If the first term in the cost equation changed from 2 to 5, how would that impact the solution you provided above in part (a)?

d. Explain the impacts in part (c) regarding the change to the optimal output quantity. How do you unambiguously know the quantity selected is the "optimal" one?

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Business Economics: What is the amount of total benefits- total costs

Reference No:- TGS027148

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Recent Questions Asked Business Economics

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Business Economics: What is the amount of total benefits- total costs

Reference No:- TGS027148

Recent Questions Asked Business Economics

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