Question
Q) TC = 2 /3 q 3 14 q 2 + 222 q + 50 Derive expressions for the following functions and find out whether
Q) TC = 2 /3q3 14q2 + 222q + 50
Derive expressions for the following functions and find out whether they have maximum or minimum points. If they do, say what value of q this occurs at and calculate the actual value of the function at this output.
(a) Marginal cost
(b) Average variable cost
(c) Average fixed cost
(d) Total revenue
(e) Marginal revenue
QNO2
If TC = 0.5q3 3q2 + 25q + 20 derive functions for: (a) MC, (b) AC, (c) the slope of AC.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Consumer Behaviour
Authors: Evans, Martin Evans
2nd Edition
0470994657, 9780470994658
