total revenue function may be modelled by TR = aQ + bQ 2 . (a) If TR

Question:

total revenue function may be modelled by TR = aQ + bQ².

(a) If TR = 14 when Q = 2 and TR = 9 when Q = 3, write down a pair of simultaneous equations for the parameters a and b.

(b) Use Cramer’s rule to solve the equations in part (a) and hence find the total revenue when Q = 1.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Mathematics for Economics and Business

ISBN: 978-1292191669

9th edition

Authors: Ian Jacques

See More Books

Question Posted: Apr 18, 2019 10:15 AM

See More Questions

The demand function for a firms product is given by P = 60 Q. Fixed costs are 100, and the variable costs per good are Q + 6. (a) Write down an expression for total revenue, TR, in terms of Q and...
(a) Find the inverse of the following matrix, in terms of a. For what value of a is this matrix singular? (b) Consider the three-commodity market model defined by: By making use of your answer to...
Use your answers to Question 3 to solve the following linear programming problems: (a) Maximise 4x + 9y subject to 5x + 3y 30 7x + 2y 28 x 0 y 0 (b) Maximise 3x + 6y subject to 2x + 5y 20 x + y ...
In Table 12. 1, when r = 0. 02, the present value of the cost rises for 68 years and then subsequently declines. Why? Table 12. 1 TABLE 12.1 Economic Harvesting Decision: Douglas Fir 10 20 30 40 50...
An engine cylinder has a diameter of 4 in. The piston has a clearance of 0.6 in. and a stroke of 6 in. Calculate the compression ratio for this cylinder. What is the engine displacement if this is a...
To build on its reputation for accessible luxury body care, online skin care and beauty products marketer Glossier recently showcased eight WNBA players in its digital marketing campaign to launch...
The 1967 Age Discrimination in Employment Act (ADEA) made it illegal to discriminate against workers 40 years of age and older. Opponents of the law argue that there are sound economic reasons why...
The Shrives Corporation has $10,000 that it plans to invest in marketable securities. It is choosing among AT&T bonds, which yield 7.5 percent, state of Florida mu ni bonds, which yield 5 percent,...
Calculate the Free Cash Flow for Amazon AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) Year Ended December 31, 2014 2015 8,658 $ 14,557 $ 2016 15,890 (241) 596 2,371 4,746 1,497...
Suppose Ann is working on a project with John. Both must decide whether to put into a decent amount of effort into the project. Since Ann is the leader of the project, her contribution determines...
Consider the two-sector macroeconomic model Y = C + I* C = aY + b (a) Express this system in the form Ax = b and A and b are 2 2 and 2 1 matrices to be stated. (b) Use Cramers rule to solve this...
If work out, where possible: (a) A T + 2B (b) AB (c) A 1 (d) B 1 A 1 -2 4 6 -3 2 -4 and B =
Here again are the five lessons of market efficiency. For each lesson give an example showing the lesson's relevance to financial managers. a. Markets have no memory. b. Trust market prices. c. Read...
Prevosti Farms and Sugarhouse pays its employees according to their job classification. The following employees make up Sugarhouse's staff: Payroll Payroll Register Register Thomas Avery Towle...
Name: Course: Worksheet Lab Experience 5 Logic Circuits (A) Exercise 5.1 Truth table for the example circuit A B Output Value 0 0 1 1 0 1 1 Exercise 5.2 A slight change in the example circuit...
Stanley Medical Hospital is a non-profit and a non-chartered hospital planning to acquire several hospitals in the area. The hospital is researching financial options since they want to expand into...
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $12,000. They expect to use the...
Pacifico Company, a US-based importer of beer and wine, purchased 1,800 cases of Oktoberfest-style beer from a German supplier for 522,000 euros. Relevant U.S. dollar exchange rates for the euro are...
Find and sketch a Hamiltonian cycle in Prob. 1. Data from Prob. 1 Find a shortest path P: s?t and its length by Moore?s algorithm. Sketch the graph with the labels and indicate P by heavier lines as...
A firm has the following balance sheet: Assets Cash Accounts receivable Inventory Plant and equipment $ 15,000 150,000 92,000 170,000 $427,000 Liabilities and Equity Accounts payable Long-term debt...
The officers of a high school senior class are planning to rent buses and vans for a class trip. Each bus can transport 40 students, requires 3 chaperones, and costs $1,200 to rent. Each van can...
In Problem (A) Form the dual problem. (B) Write the initial system for the dual problem. (C) Write the initial simplex tableau for the dual problem and label the columns of the tableau. Minimize C =...
In Problem (A) Form the dual problem. (B) Write the initial system for the dual problem. (C) Write the initial simplex tableau for the dual problem and label the columns of the tableau. Minimize C =...
question 1- You borrow a simple loan of SR 500,000, interest rate is 20%, it matures in one year. what's the yied to maturity? question 2- calculate_i for One-Year Discount Bond with price(p) =...
Taste of Muscat is a reputed chain of restaurants operating in Oman. Assume You are working as a management accountant for this restaurant chain which is specialized in all types of Arabic food. Your...
Industry Current Year Minus 1 Current Year Minus 2 Company: Air Products and Chemicals, Inc. (APD) Stock Price: 306.72 USD Shares Outstanding: 220.89 M Financial Ratios Most Current Year Current...

total revenue function may be modelled by TR = aQ + bQ 2 . (a) If TR

Question:

Step by Step Answer:

a 2 4 a 14 H 39 9 1...View the full answer

Mathematics for Economics and Business

Students also viewed these Mathematics questions