Assume your demand and cost functions are the following: Q =1000.50P and TC(Q) =10414Q + Q2 a.
Question:
Assume your demand and cost functions are the following:
Q =100–0.50P and TC(Q) =104–14Q + Q2
a. Find the inverse demand function for your firm’s product.
b. What price should you charge if you are planning to sell 5 units?
c. Calculate your total cost of producing 5 units.
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