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Habib Bank Limited estimates equation of demand of its product as:   Q = 55 – 0.5P - (where P = price and Q = Quantity of output),   and its total cost of production as                                TC = 20 + Q + 0.2Q2     Where TC = total cost and Q = Quantity of output)   Write the equations of the firm’s costs, as a function of Q: Average Total Cost ATC? Average Variable Cost AVC? Average Fixed Cost AFC.? Marginal Cost MC? The output level that will maximize total profit and the amount of revenue and profit that Habib Bank would receive at optimal level of production.? The output level that minimizes average total cost.? please answer all questions

Habib Bank Limited estimates equation of demand of its product as:   Q = 55 – 0.5P - (where P = price and Q = Quantity of output),   and its total cost of production as                                TC = 20 + Q + 0.2Q2     Where TC = total cost and Q = Quantity of output)   Write the equations of the firm’s costs, as a function of Q: Average Total Cost ATC? Average Variable Cost AVC? Average Fixed Cost AFC.? Marginal Cost MC? The output level that will maximize total profit and the amount of revenue and profit that Habib Bank would receive at optimal level of production.? The output level that minimizes average total cost.? please answer all questions

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
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
Chapter11: Price And Output Determination: Monopoly And Dominant Firms
Section: Chapter Questions
Problem 3E
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Habib Bank Limited estimates equation of demand of its product as:

 

Q = 55 – 0.5P - (where P = price and Q = Quantity of output),

 

and its total cost of production as

 

                             TC = 20 + Q + 0.2Q2     Where TC = total cost and Q = Quantity of output)

 

  1. Write the equations of the firm’s costs, as a function of Q:
  • Average Total Cost ATC?
  • Average Variable Cost AVC?
  • Average Fixed Cost AFC.?
  • Marginal Cost MC?
  1. The output level that will maximize total profit and the amount of revenue and profit that Habib Bank would receive at optimal level of production.?
  2. The output level that minimizes average total cost.?
  3. please answer all questions
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