Tuesday

October 21, 2014

October 21, 2014

Posted by **Ann** on Friday, May 24, 2013 at 11:34am.

P = 3000 - Q,

where Q denotes the quantity of jets, and P denotes its price.

So that the marginal revenue facing the firm is:

MR = 3000 - 2Q.

The marginal cost of Lockheed Martin is given by the equation:

MC(Q) = 2Q

while the average variable cost is:

AVC(Q) = Q

Further it is known that Lockheed Martin has fixed costs of 500.

Suppose Lockheed sets one price for all its customers, what is the profit maximizing quantity in this case?

I found

Q*=750

P*=2250

WHAT IS FIRM'S PROFIT???????????

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