7. 4. A firm's marginal cost and revenue functions are given by MC- 12e + 16a + 20 MR = 100 -29 a. Rewrite the above equations as first order differential equations. b. If the firm's total costs are 3360 when output q 10 and its total revenue is 0 when a =0, Solve the ODES to find the firm's total cost and total revenue functions. C. Hence derive the firm's fixed costs.

Calculus: Early Transcendentals
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ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
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7.
4. A firm's marginal cost and revenue functions are given by
MC = 12q + 164 + 20
MR = 100 -29
a. Rewrite the above equations as first order differential equations.
b. If the firm's total costs are 3360 when output q = 10 and its total revenue is O when q = 0,
Solve the ODES to find the firm's total cost and total revenue functions.
c. Hence derive the firm's fixed costs.
Transcribed Image Text:7. 4. A firm's marginal cost and revenue functions are given by MC = 12q + 164 + 20 MR = 100 -29 a. Rewrite the above equations as first order differential equations. b. If the firm's total costs are 3360 when output q = 10 and its total revenue is O when q = 0, Solve the ODES to find the firm's total cost and total revenue functions. c. Hence derive the firm's fixed costs.
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