Question
Demand and cost functions of a firm are defined as P=20-5Q^2/2 C=Q^3-8Q^2+30Q+90 respectively. i. Compute total revenue, average variable cost, average fixed cost and marginal
Demand and cost functions of a firm are defined as P=20-5Q^2/2
C=Q^3-8Q^2+30Q+90 respectively.
i. Compute total revenue, average variable cost, average fixed cost and marginal cost. (5 marks)
ii. Find the profit maximization output.
b) Distinguish between the following terms;
i. Linear and non-linear functions.
ii. Natural numbers and integers.
iii. Subset and set difference.
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Macroeconomics Principles Applications And Tools
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez
7th Edition
978-0134089034, 9780134062754, 134089030, 134062752, 978-0132555234
