Firm Total
How do I find profit-maximizing production for a typical firm?
How do I find profit-maximizing production for a typical firm given the following conditions?:
Consider the market for corn. Consider the market to be perfectly competitive.
Market Demand: Q = 100 – 3P
Market Supply: Q = 2P
Typical Firm:
Total Cost: TC = 90 + Q^2
Marginal Cost: MC = 2Q
(note: Q^2 means Q squared)
set marginal revenue = marginal cost
Maximizing Profits
Profit is defined as the difference in total revenue, TR, and total cost, TC. A firm maximizes profit by operating at the point where the distance between the total revenue curve and total cost curve is at its maximum. This point occurs where the slopes of the two functions are equal. The slope of the TR function is marginal revenue, MR, while the slope of the total cost function is marginal costs, MC. Thus a profit maximizing firm will produce that quantity of output at which marginal revenue, MR, equals marginal cost, MC.[2] This rule applies regardless of market structure. The only “special” case is a firm operating in a perfectly competitive market. Such a firm operates where price, P, equals MC. However, this is not a true exception to the rule because an assumption of PC is that all firms face a perfectly elastic demand curve. With a perfectly elastic demand curve there is no separate margin revenue curve – MR equals demand and equals price. So with a PC firm MR = D = P.[3]
∏= TR – TC
∏ = (120Q – 0.5Q²) – (420 +60Q + Q²)[4]
∏= -420 + 60Q – 1.5Q²
∏’ = 60 – 3Q
∏’ = 0
60 – 3Q = 0
60 = + 3Q
20 = Q
The profit maximizing quantity is 20. To find the profit maximizing price you need the price equation.
TR = 120Q – 0.5Q²
TR = PxQ
P = TR/Q
P = 120Q – 0.5Q²/Q
P = 120 – 0.5Q
P = 120 – 0.5(20)
P = 120 – 10
P = 110.
The results can be checked by using the standard rule for maximizing profits – equating marginal revenue (MR) and marginal costs(MC).
TR = 120Q – 0.5Q²
MR = 120 – Q
TC = 420 +60Q + Q²
MC = 60 + 2Q
MR = MC
120 – Q = 60 + 2Q
60 = 3Q
Q = 20.
The Firm Total Body Toner
|
|
Firm: Total Muscle Shaping $8.26 |
|
|
The Firm – Total Body Toner (DVD, 2007) $4.98 |
|
|
The Firm – Body Sculpting System2: Total Sculpt Plus Abs (DVD) $4.99 |
|
|
The Firm – Body Sculpting System: Total Muscle Shaping (DVD, 2004) $2.99 |
|
|
THE FIRM BODY SCULPTING SYSTEM 2 TOTAL SCULPT ABS *DVD* $8.99 |
|
|
The FIRM Body Sculpting System 2 -Total Sculpt Plus Abs $1.25 |
|
|
THE FIRM: BODY SCULPTING~TOTAL MUSCLE SHAPING~VISIBLE RESULTS IN 10 WORKOUTS~DVD $0.99 |
|
|
THE FIRM TOTAL BODY MAKEOVER WORKOUT DVD WITH BAND – NEW fitness exercise video $11.99 |
|
|
The Firm – Body Sculpting System: Total Sculpt Plus Abs (VHS, 2003) $1.99 |
|
|
The Firm – Total Body: Fat Blaster VHS $2.99 |
|
|
Murad Firm and Tone Serum (7-pk of 0.8 oz. Trail Sz tubes) = Total of 5.6 oz. $24.99 |
|
|
The FIRM – Total Body Cardio and Toning Kit (DVD, 2007)+Resistance Cord!! $18.99 |
|
|
The Firm – Total Body Toner (DVD, 2007) $3.99 |
|
|
The Firm Total Body Lite (DVD, 2007) New $2.99 |
|
|
The Firm – Body Sculpting System: Total Sculpt Plus Abs (DVD) $3.99 |
|
|
The FIRM Total Body Cardio DVD & Toning Kit / Band $19.99 |
|
|
Firm Aerobic Total Body Aerobic Workout with Weights Video #4 Short VHS Exercise $6.99 |
|
|
The Firm Total Body Aerobic Workout With Weights SHORT Abs, Hip & Thigh Video #5 $6.99 |
|
|
Firm Cross Trainers Cardio Total Body Workout Video VHS 2002 56 Minutes NEW! HTF $6.99 |
|
|
Firm Total Body Shaping Mix Sculpt Cardio Workout Video VHS 2001 67 Minutes Long $6.99 |
|
|
Firm Total Body Fat Blaster Workout Video VHS Classic Workout Series 1998 45 Min $6.99 |
|
|
The Firm – Body Sculpting System: Total Muscle Shaping (DVD, 2004) $2.99 |
|
|
The Firm – Total Body Time-Crunch (DVD, 2007) $2.99 |
|
|
Firm: Total Muscle Shaping, Good DVD, , $4.00 |
|
|
THE FIRM BODY SCULPTING SYSTEM 2 TOTAL SCULPT PLUS ABS (2003,DVD) $5.00 |
|
|
The Firm – Body Sculpting System: Total Muscle Shapi… $8.99 |
|
|
The Firm Total Body Shaping Mix with Tracie Long (DVD,2003) EUC $4.99 |
|
|
Nike T90 Total 90 Total90 Laser III FG Soccer Cleats Cleat Boots Shoes 10 Firm $145.00 |
|
|
The Firm – Body Sculpting System: Total Sculpt Plus Abs (DVD, 2003) $3.99 |
|
|
The Firm: Total Body Workout: ‘Short’ (42 Minute) Workout The Firm Unrated $11.81 |
|
|
Junior Nike Total90 Shoot III Firm Ground Football Boots-385409 404 * REDUCED * $23.69 |
|
|
Junior Nike Total90 Shoot III Firm Ground Football Boots-385409 404 * REDUCED * $23.69 |
|
|
Junior Nike Total90 Shoot III Firm Ground Football Boots-385409 404 * REDUCED * $23.69 |
|
|
Junior Nike Total90 Shoot III Firm Ground Football Boots-385409 404 * REDUCED * $23.69 |
|
|
The Firm – Total Body: Low Impact Aerobics (VHS, 1995) $3.92 |
|
|
The Firm – Total Body Time-Crunch (DVD, 2007) $8.99 |
|
|
Nike Total Ninety III Football Boots ( Italy) Size Mens 10 Firm Ground $4.52 |
|
|
Quantum Pro Perm – (12) Firm Options – (12) Extra Body – x24 pcs. total by Zotos $65.95 |
|
|
The Firm – Total Body: Fat Blaster VHS $2.98 |
|
|
The Firm – Total Body: Maximum Body Shaping VHS $4.98 |
|
|
The Firm Body Sculpting System 2 Total Sculpt Plus Abs Jennifer Carman $5.00 |
|
|
The Firm – Total Body Time-Crunch (DVD, 2007) $3.99 |
|
|
The Firm Body Sculpting System 2: Total Sculpt Plus Abs $3.00 |
|
|
The Firm Body Sculpting System: Total Muscle Shaping (DVD, 2004) WORLDWIDE SHIP $4.29 |
|
|
The Firm Body Sculpting System: Total Muscle Shaping! $4.00 |
|
|
The Firm Total Body Time Crunch Workout DVD Fitness New Exercise Aerobic Weight $7.99 |
|
|
THE FIRM TOTAL BODY TONER WORKOUT DVE – NEW SEALED (exercise and fitness video) $13.99 |
|
|
The Firm – Body Sculpting System: Total Muscle Shaping (DVD, 2004) $18.65 |
|
|
The Firm – Total Body: Super Cardio Mix (DVD, 2002) $16.97 |
|
|
The Firm – Body Sculpting System: Total Muscle Shaping $8.99 |
|
|
FIRM: TOTAL BODY MAKEOVER [DVD NEW] $12.94 |
|
|
NIVEA TOTAL AGE REPAIR Q10 WHITENING ROLL ON DEODORANT 24 HR WHITENS & FIRM 25ML $4.59 |
|
|
Firm Total Body: Abs Hips & Thighs Sculpting VHS exercise workout tape Hot Chick $4.29 |
|
|
NIKE TOTAL 90 LASER III FIRM GROUND RED $126.41 |
|
|
Nike Total 90 Laser III Firm Ground- White – Red $126.41 |
|
|
Nike Total 90 Laser III Firm Ground- White – Red $126.41 |
|
|
The Firm – Total Body: Aerobic Interval Training (VHS, 1995) $1.50 |
|
|
The Firm BODY SCULPT DVD lower upper total workout NEW $5.82 |
|
|
THE FIRM BODY SCULPTING SYSTEM DVD SET Fat Blasting Cardio Complete Total Muscle $9.65 |
|
|
THE FIRM Body Sculpting – TOTAL MUSCLE SHAPING DVD NEW $4.82 |
|
|
The Firm TOTAL BODY TIME CRUNCH DVD cardio shaping Rebekah Sturkie workout NEW $6.35 |
|
|
The FIRM – TOTAL BODY MAKEOVER (DVD) workout cardio NEW $7.95 |
|
|
The Firm: Total Body – Maximum Body Shaping (2003, DVD) NEW $18.99 |
|
|
TOTAL BODY Bust & Butt (The Firm VHS) $7.95 |
|
|
The Firm Total Body Lite DVD Lom Impact Exercise Fitness In Your Own Home $9.99 |
|
|
Total Sculpt Plus Abs (Mint VHS) The Firm $2.99 |
|
|
6 THE FIRM CROSS TRAINERS VHS TOTAL BODY CARDIO VARIETY $12.99 |
|
|
Firm: Total Muscle Shaping $1.99 |
|
|
the firm body sculpting TOTAL SCULPT PLUS ABS dvd $4.09 |
|
|
Total Fitness for Women: Proven Strategies to Trim Down, Firm Up and Get Fit… $15.32 |
|
|
The Firm – Total Body: Maximum Body Shaping (VHS, 2001) $9.99 |
|
|
The Firm – Total Body: Aerobic Interval Training (VHS, 1995) $8.00 |
|
|
Body Sculpting System Total Sculpt Plus Abs (MINT VHS, 2003) The Firm $1.99 |
|
|
Firm: Total Body – Super Cardio Mix $18.18 |
|
|
The Firm Total Body Body Sculpting Basics Total Body Workout VHS Susan Harris $4.99 |
|
|
The Firm total body sculturing Basics with Susan Harris $0.59 |
|
|
Firm Total Body: Abs Hips & Thighs Sculpting [VHS], Acceptable VHS, Firm, $1.00 |
|
|
THE FIRM WORKOUT DVD LOT ALL BRAND NEW TOTAL WORKOUT DVDS $24.95 |
|
|
TOTAL BODY FIRM-UP PB USED VG RODALE EDITORS OF PREVENTION $1.00 |
|
|
NEW Firm TOTAL BODY FAT BLASTER Classics Workout DVD ++ $7.34 |
|
|
The Firm: Total Body Makeover~New~4 Workouts+Band $8.79 |
|
|
The Firm Body Sculpting System 2 Total Sculpt Plus Abs VHS Tape 2003 $3.88 |
|
|
The Firm Body Sculpting System Total Muscle Shaping DVD 2004 Stephanie Huckabee $1.79 |
|
|
The FIRM – Total Body Toner (DVD, 2007) $8.00 |
|
|
The Firm – Total Body Time-Crunch (DVD, 2007) $5.00 |
|
|
NIKE TOTAL 90 III FG Firm Ground SHOES $35.00 |
|
|
The Firm – Total Body Time-Crunch (DVD, 2007) $1.99 |
|
|
The Firm – Total Body: Better Body and Buns – video vhs $3.99 |
|
|
The Firm: Body Sculpting System 2 Total Sculpt Plus Abs – Workout Video vhs W $3.99 |
|
|
The Firm: Body Sculpting System 2 Total Sculpt Plus Abs Workout Vhs Video P $3.99 |
|
|
The Firm: Cross Trainers -Total Body Workout Firm Cardio – Workout vhs W $3.99 |
|
|
The Firm: CrossTrainers Total Body Workout – Firm Strength – Workout vhs $3.99 |
|
|
The Firm: Firm Basics Sculpting with Weights Total Body video vhs $3.99 |
|
|
The Firm: Firm Basics: Fat Burning Total Body Workout Vhs $3.99 |
|
|
The Firm – Total Body Time-Crunch (DVD, 2007)b61 $6.99 |
|
|
6 THE FIRM CROSS TRAINERS VHS TOTAL BODY CARDIO VARIETY $12.99 |
|
|
Nike Total 90 T90 Shoot III Youth Soccer Cleats Shoes size 6 White Firm Ground $4.99 |
|
|
THE FIRM – TOTAL MUSCLE SHAPING DVD $2.95 |
|
|
The FIRM: Total Muscle Shaping, VHS, $1.00 |
|
|
NIKE TOTAL 90 LASER III FIRM GROUND $142.21 |
|
|
The Firm – Total Body: Low Impact Aerobics [VHS] $14.98 This video misrepresents itself. Although the title is Low Impact Aerobics, it is not low impact. The cardio intervals include jogging, jumping jacks, and other moves with hops. This is a 65-minute reissue of a 1988 video that features Janet Jones-Gretzky, who is so slim that you can count her ribs through her white leotard, leading a class of fit, gorgeous exercisers (female and male). This aerob… |
|
|
The Firm: Total Body – Body Sculpting Basics [VHS] $14.98 Interval workouts incorporate a variety of activities that are powerful and short in duration. These intervals create an anaerobic workout that forces the body to adjust to variations of intensity and motion. Interval training has the real potential to burn fat and build strength. The Firm: Body Sculpting Basics utilizes these same aerobic and anaerobic components to create a 60-minute workout tha… |
|
|
Firm: Time Crunch Workout [VHS] $19.98 Learn from the best with this FIRM workout and step work. These routines will keep you fit and tighten your thighs and buttocks. Great circuits to finally get fit and have more energy…. |
|
|
Workout: One-On-One Training with Jackie $5.00 Fans of the deliciously soapy Bravo reality series Work Out may need to be reminded just how fine a personal trainer Jackie Warner is. This disc is that reminder, containing a fast-paced and comprehensive fitness routine that ranks among the very best. Warner is personable as she trains–and she doesn’t stint on doing the moves herself. She’s designed the workout in three chunks, upper body, lower… |
|
|
10 Minute Solution: Slim and Sculpt Pilates-with Pilates Band $5.24 Fitness expert Suzanne Bowen is your host for this collection of five workouts that are designed to help you tone and shape your entire body. Features upper body Pilates, lower body Pilates, Pilates for abs, total body Pilates, and Pilates for flexibility routines. Packaged with a Pilates toning band. 54 min. Soundtrack: English…. |
|
|
10 Minute Solution – Target Toning for Beginners $2.21 Haven’t worked out in a while? Get back into the swing–and stretch, tighten, and tone of things–with five easy and effective toning regimens. 53 min. Standard; Soundtrack: English…. |
|
|
Olay Regenerist Eye Lifting Serum, 0.5 Ounce (Packaging May Vary) $7.50 Advanced anti-aging. appearance regeneration + all around eye firming, smoothing, brightening amino-peptide + B3 complex. Create the perfect skin care solution for you with the Regenerist line of advanced anti-aging products: Daily Treatment…. |
|
|
Obagi Nu-Derm Toner Facial Astringents Buy Obagi Astringent & Toners – Obagi Nu-Derm Toner 200ml/6.7oz (Step 2). How-to-Use: Step 1: Wash your hands to remove dirt and bacteria.Step 2: Cleanse your face to remove, makeup bacteria and dirt. Step 3: Saturate a cotton pad with the facial astringent or toner and pat the cotton pad gently over your face and neck area. Step 4: Apply your moisturizer…. |
|
|
Olay Total Effects Night Firming Cream for Face and Neck, 1.7-Fluid Ounce $10.49 For those concerned about accelerating signs of aging, especially lack of firmness, this nightly moisturizer provides the benefit of 7 anti-aging therapies in 1 essential product all while you sleep. Subtle Lifting: Hydration for firmer skin appearance. Line Minimization: Reduces the appearance of fine wrinkles. Nourishing Moisturization: For a radiant, healthy glow. Tone Enhancement: Balances col… |
|
|
Allsop CD Twin Pack 24 $10.99 The Allsop CD Twinpack is made from Polypropylene, a flexible but firm plastic that protects the disc inside. It’s thin, but it’ll hold one or two discs and it’s virtually unbreakable. Each case includes fold-away tabs to attach to any binder system. Feel free to toss it in your backpack, drop it in an envelope, include it with a presentation or use it as a Frisbee…. |
|
|
The Firm – Total Body Toner (DVD) $12.09 Resistance techniques are essential to achieving a tighter firmer body and Annie Del Rio Pointer is the master at demonstrating the ideal techniques to get people there. Not only do these routines help to slim down and sculpt problem areas, they also i… |
