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SUBJECT: FINANCE MATHEMATICS Subject 1 (20 points) The Demand function and the Total Cost function for a product are: 600 = 12,000 3P and TC

SUBJECT: FINANCE MATHEMATICS

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Subject 1 (20 points) The Demand function and the Total Cost function for a product are: 600 = 12,000 3P and TC = 3200+0.19, respectively (a) Derive expressions for the functions: TR (Total Revenue), AC (Average Cost), MC (Marginal Cost), MR (Marginal Revenue) and Profit. (b) Determine the values of Q for which Total Revenue is maximized. (c) Determine the value of Q for which profit is maximized and the value of the maximum profit

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