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A firm has developed a new product for which it has a registered trademark.
A firm has developed a new product for which it has a registered trademark. The firm's market research department has estimated that the demand for this product is Q(P,A) = 11,600 - 1000P + 20A^1/2, where Q is annual output, P is the price, and A the annual expenditure for advertising. The total cost of producing the new good is C(Q) = .001Q^2 + 4Q. This implies that the marginal cost of production is MC(Q) = .002Q + 4. The unit cost of advertising is constant and equal to one or T=1.what is the firm's profit-maximizing output, price, and profit if the firm did not advertise. By how much does the use of advertising in this market change the firm's profit and consumer surplus for the customers of the firm?
A firm has developed a new product for which it has a registered trademark. The firm's marketresearch department has estimated that the demand for this product is Q(P,A) = 11,600 - 1000P+...