P= 10,000-2Q C = 16,000+ 1648Q +0.4Q² a. Determine the quantity (Q) that maximizes profit. b. Calculate P, R, C, AC, and at the optimal quantity found in part a. c. Determine the quantity (Q) that maximizes total revenue. d. Calculate P, R, C, AC, and at the optimal quantity found in part c. e. Determine the quantity (Q) that minimizes average cost. f. Calculate P, R, C, AC, and x at the optimal quantity found in part e. Equations: Rules for Optimization Profit Maximization MR = MC Revenue Maximization MR 0 Average Cost Minimization MC = AC or Shortcut: for C= a +bQ+cQ² II=R-C R =P* Q AC = C/O Q = (a/c)1/2

P= 10,000-2Q C = 16,000+ 1648Q +0.4Q² a. Determine the quantity (Q) that maximizes profit. b. Calculate P, R, C, AC, and at the optimal quantity found in part a. c. Determine the quantity (Q) that maximizes total revenue. d. Calculate P, R, C, AC, and at the optimal quantity found in part c. e. Determine the quantity (Q) that minimizes average cost. f. Calculate P, R, C, AC, and x at the optimal quantity found in part e. Equations: Rules for Optimization Profit Maximization MR = MC Revenue Maximization MR 0 Average Cost Minimization MC = AC or Shortcut: for C= a +bQ+cQ² II=R-C R =P* Q AC = C/O Q = (a/c)1/2

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter9: Systems Of Equations And Inequalities

Section: Chapter Questions

Problem 13T

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