12. The weekly demand for the LectroCopy photocopying machine is given by the equation p= 2000 - 0.04x dollars and x denotes the quantity demanded. The weekly total cost to manufacture these copiers is given by C(x) = 0.000002.x -0.02x² + 1000x + 120,000 where C(x) denotes the total cost in producing x units. (1 < x < 50,000) where p denotes the wholesale unit price in %3D %3D a. Find the Average Cost Function C(x), Revenue Function R(x), and Profit Function P (x). b. Find the marginal Average Cost Function, the marginal Revenue Function and the Marginal Price Function. c. Compute C'(3000), R'(3000), and P'(3000) and interpret their meanings.

12. The weekly demand for the LectroCopy photocopying machine is given by the equation p= 2000 - 0.04x dollars and x denotes the quantity demanded. The weekly total cost to manufacture these copiers is given by C(x) = 0.000002.x -0.02x² + 1000x + 120,000 where C(x) denotes the total cost in producing x units. (1 < x < 50,000) where p denotes the wholesale unit price in %3D %3D a. Find the Average Cost Function C(x), Revenue Function R(x), and Profit Function P (x). b. Find the marginal Average Cost Function, the marginal Revenue Function and the Marginal Price Function. c. Compute C'(3000), R'(3000), and P'(3000) and interpret their meanings.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter2: Mathematics For Microeconomics

Section: Chapter Questions

Problem 2.2P

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