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Q: Write out the total cost and total revenue functions in terms of Q.
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The total revenue curve of a firm is R (q) = 40q - 12q2 and its average cost A(q) = 1/30q2 - 12.85q…
A: Total revenue, R (q) = 40q - 12q2 Average cost, A(q) = 1/30q2 - 12.85q +20 + 400/q
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A: I) To get the total cost and total revenue functions: TC=AC×QTC=(3Q+7+12Q)(Q)=3Q2+7Q+12 To get total…
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Q: The total revenue curve of a firm is R (q) = 40q - 12q2 and its average cost A(q) = 1/30q2 - 12.85q…
A: Total revenue, R (q) = 40q - 12q2 Average cost, A(q) = 1/30q2 - 12.85q +20 + 400/q
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A firm has the following average cost and demand function
Ac= 3Q+7+12/Q
Q= 10-P
- Formulate the total profit function in terms of Q.
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Solved in 2 steps
- The total revenue curve of a firm is R (q) = 40q - 12q2 and its average cost A(q) = 1/30q2 - 12.85q +20 + 400/q, where q is the firm's output. (1) Derive and expression C(q) for the firm's total cost function.A firm’s demand function is P= 60 − 0.5Q If fixed costs are 10 and variable costs are Q + 12 per unit, find the value of output to maximize the profit.A firm's demand and total cost function are given by the expression: P = 20 - Q/2 (1) TC = 0.5Q2 + 36 (2) Where P is price per unit in £ TC = total cost in £ Q is quantity demanded and produced. Find the profit-maximising level of output using the profit function and calculate how much profit is made at this output level.
- The total revenue curve of a firm is R(q) = 40q − 12q2 and its average cost A(q) = 1/30 q2 − 12.85q + 20 + 400/q , ,where q is the firms output. Derive expressions for the firm's: (i) total cost function (ii) total profit functionThe total revenue curve of a firm is R(q) = 40q − 12q2 and its average cost A(q) = 1/30q2 − 12.85q + 20 + 400/q. The total cost function is C(q) = 1/30q3 – 12.85q2 + 20q + 400 . The profit function is Π(q)= –1/30q3 + 0.85q2 + 20q – 400 (i) Is the rate of change of profit increasing or decreasing when the output level of the firm is 10 units?The demand function for a firm is p = 320 – 3.2x, and the cost function is C(x) = 100 + 80x – 1.6x2 Required (i) Determine the profit function. (ii) Determine the output and price for maximum profit and the maximum profit. Show that it is a maximum point.
- A firm has a linear demand function for it's product.When the price for the product is Sh.220,the quantity demanded is 40 units.When the price increases to Sh.240 the quantity demanded becomes 30 units.In addition,the firm's marginal cost function is given by; MC = 40Q-2Q^2+2 Fixed cost = Sh. 5 million Where Q= quantity demanded, Mc= marginal cost(cost in Sh. Million) Required 1.The level of output that maximises profits 2.The maximum profit 3.The price of the product at a maximum profitThe inverse demand function and cost function is given by P= 50-2Q and C = 10+2Q Calculate the total cost.A firm's marginal revenue and marginal cost functions are given by MR=10-4Q and MC= 1. If fixed costs are 4, find the profit when Q=2.
- A firm has the following average cost and demand function Ac= 3Q+7+12/Q Q= 10-P Write out the total cost and total revenue functions in terms of Q. Find the average cost, marginal cost, average revenue and marginal revenue functions. Formulate the total profit function in terms of Q. Find the profit maximization level of output. What is the maximum profit.The total cost of a firm is TC(Q)=4Q2+6Q+34. Accordingly, its marginal cost is 2*4*Q+6 when its output is Q. Find the output level where the ATC is minimized.A firm has a linear demand function for it's product.When the price of the product is sh.20,the quantity demanded is 40 units.When the price increases to sh.240 the quantity demanded becomes 30 units.In addition,the firm's marginal cost function is giving by: Mc = 40q- 2q^2+2 Fixed cost = 5 million Where q= quantity demanded,Mc = marginal cost(sh.million) Required 1.The level of output that maximises profits 2.The maximum profit 3.The price of the product at the maximum profit
