Consider the following price-demand function: P = 80 − 4Q, {Q/0 ≤ Q ≤ 10} (i) Sketch the price-demand function (ii) Find the revenue function. (iii) Suppose C = 20 + 5Q , find the profit function (iv) Calculate the profit if Q=8 (v) Find the break-even level of output You have to solve iv and v

Consider the following price-demand function: P = 80 − 4Q, {Q/0 ≤ Q ≤ 10} (i) Sketch the price-demand function (ii) Find the revenue function. (iii) Suppose C = 20 + 5Q , find the profit function (iv) Calculate the profit if Q=8 (v) Find the break-even level of output You have to solve iv and v

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter2: Mathematics For Microeconomics

Section: Chapter Questions

Problem 2.2P

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Consider the following price-demand function: P = 80 − 4Q, {Q/0 ≤ Q ≤ 10} (i) Sketch the price-demand function(ii) Find the revenue function.(iii) Suppose C = 20 + 5Q , find the profit function(iv) Calculate the profit if Q=8(v) Find the break-even level of output
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