Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. Determine the average function and the marginal function for each of the following functions Totals: a) Total income TR = 100 Q - Q

4. Determine the average function and the marginal function for each of the following functions
Totals:
a) Total income TR = 100 Q - Q2
b) Total cost TC = 1000+ 10 Q + .01 Q2
c) Total profit TP = 50 Q - 0.1 Q2 - 1000

5. Given the following total income function TR = 100 Q - Q2, determine the level of production that allow to maximize total income.

6. Given the total cost function TC = 200Q - Q2 + 0.3 Q3, determine the level of production that minimize the average total cost.

Graphically complement the answers to questions 5 and 6.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

4a Total income function The average function for TR 100Q Q2 is TR 100Q2 Q22 50Q2 Q24 The marginal f... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Statistics In Practice Using Data Modeling And Analytics

Authors: Bruce L Bowerman, Richard T O'Connell, Emilly S. Murphree

8th Edition

1259549461, 978-1259549465

More Books

Students also viewed these Economics questions

Question

Show that if A is any m n matrix, then Im A = A and AIn = A.

Answered: 1 week ago

Question

What is the purpose of the overall F test?

Answered: 1 week ago