The demand function Q- f(p) is given in the graph below, where Q is thousands of units of output, and p is unit price in ringgit: Q=flp) a) Find revenue as a function of output. b) Find the Marginal revenue when Q-5. c) If the cost function is given as: C=10 +3Q + Q, determine the marginal cost at Q=10. Interpret your answer. d) Find the profit function.

The demand function Q- f(p) is given in the graph below, where Q is thousands of units of output, and p is unit price in ringgit: Q=flp) a) Find revenue as a function of output. b) Find the Marginal revenue when Q-5. c) If the cost function is given as: C=10 +3Q + Q, determine the marginal cost at Q=10. Interpret your answer. d) Find the profit function.

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter10: Price-searcher Markets With Low Entry Barriers

Section: Chapter Questions

Problem 16CQ

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