1. Given that the cost of production is a function of the quantity produced: C = C(Q), the total revenue is also a function of the quantity sold: TR=TROQ), and that the quantity produced is a function of workers employed: Q = Q(1.): prove the following statements: a. As long as the marginal cost is less than the average cost, the slope of average cost will be negative; when marginal cost is equal to the average cost, the slope of the average cost will be zero; when marginal cost is greater than the average cost, the slope of the average cost will be positive b. The value of Marginal Revenue Product of Labor is a product of Marginal Product of Labor and the Marginal Revenue. When markets are perfectly competitive, Marginal Revenue is equal to Average in monopoly markets, Marginal Revenue is less than Average Revenue. ue but 3. a. Find the Marginal Cost function of a product whose Average cost is given by: AC = 19+Q b. Find the Marginal Revenue function of a product whose demand is given by: Q = 25 - P. 4. Following are the demand functions for related commodities. For each of the set of demand functions given, find out if the related commodities are complements" or "substitutes". a. X = 2p10p. and x2 = 3p?p0.5 b. Xi = pig and x2 = p.46; , 1. Given that the cost of production is a function of the quantity produced: C = C(Q), the total revenue is also a function of the quantity sold: TR=TROQ), and that the quantity produced is a function of workers employed: Q = Q(1.): prove the following statements: a. As long as the marginal cost is less than the average cost, the slope of average cost will be negative; when marginal cost is equal to the average cost, the slope of the average cost will be zero; when marginal cost is greater than the average cost, the slope of the average cost will be positive b. The value of Marginal Revenue Product of Labor is a product of Marginal Product of Labor and the Marginal Revenue. When markets are perfectly competitive, Marginal Revenue is equal to Average in monopoly markets, Marginal Revenue is less than Average Revenue. ue but 3. a. Find the Marginal Cost function of a product whose Average cost is given by: AC = 19+Q b. Find the Marginal Revenue function of a product whose demand is given by: Q = 25 - P. 4. Following are the demand functions for related commodities. For each of the set of demand functions given, find out if the related commodities are complements" or "substitutes". a. X = 2p10p. and x2 = 3p?p0.5 b. Xi = pig and x2 = p.46