A firm has the following demand and average total cost functions:Q = 30 – P17- 6+,QATC%3D|Find:The total revenue function (3 marks)The total cost function (2 marks)i.ii.iii.The level of output that will maximize revenue and minimize total costs (6The profit function and the level of output that maximize profits (6 marks)iv.V.Show that ARP(3 marks)

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A firm has the following demand and average total cost functions: Q = 30 – P 7 1 - 6 +-Q ATC = - - Find: i. The total revenue function (3 marks) The total cost function (2 marks) The level of output that will maximize revenue and minimize total costs ( The profit function and the level of output that maximize profits (6 marks Show that AR = P(3 marks) ii. iii. iv. V.

A firm has the following demand and average total cost functions: Q = 30 – P 7 1 - 6 +-Q ATC = - - Find: i. The total revenue function (3 marks) The total cost function (2 marks) The level of output that will maximize revenue and minimize total costs ( The profit function and the level of output that maximize profits (6 marks Show that AR = P(3 marks) ii. iii. iv. V.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

ChapterB: Differential Calculus Techniques In Management

Section: Chapter Questions

Problem 2E

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