58 753
Assignments Done
Successfully Done
In March 2018
Your physics homework can be a real challenge, and the due date can be really close — feel free to use our assistance and get the desired result.
Be sure that math assignments completed by our experts will be error-free and done according to your instructions specified in the submitted order form.
Our experts will gladly share their knowledge and help you with programming homework. Keep up with the world’s newest programming trends.

Answer on Microeconomics Question for Jake

Question #16047
If A firm with market power has estimated the following demand function for its product:
Q = 12,000 – 4,000 P where P = price per unit and Q = quantity demanded per year.
The firm’s total costs are $4,000 when nothing is being produced. These costs increase by 50 cents for each unit produced. What is the equation for the firms total cost function, marginal cost function, total revenue and marginal revenue (in terms of Q)
Expert's answer
Total revenue can be expressed by multiplying Quantity and Price
Total Revenue = Q*P= 12,000P-4,000P2
Marginal revenue function is derivative of total cost function:
Marginal revenue = 12,000-8,000P
Total cost = 4,000+0.5Q
Marginal cost is derivative of total cost
Marginal cost = 0.5

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!


No comments. Be first!

Leave a comment

Ask Your question