67 074
Assignments Done
99,3%
Successfully Done
In November 2018

Answer to Question #73974 in Microeconomics for Zulfiqar Ali

Question #73974
Given the firm demand function Q = 55 - 0.5P
(where P = Price and Q = rate of output), and the total cost function
TC = 20 + Q + 0.2Q^2
where TC = Total cost, determine
(a) The Total revenue function for the firm.(Hint: To find the total revenue function,solve the demand function for P and then multiply both sides of the equation by Q.)
(b) The marginal revenue and marginal cost functions and find the rate of output for which marginal revenue equals marginal cost.
(c) An equation for profit by subtracting the total cost function form the total revenue function. Find the level of output that maximizes total profit. Compare your answer to that obtained in part (b). Is there any corrrespondence between these answers?
Expert's answer

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!

Comments

No comments. Be first!

Leave a comment

Ask Your question

Submit
Privacy policy Terms and Conditions