**Economic Mathematics (1)**Name: _______________ ID: _______________ **Section 2.2: Revenue, Cost and Profit**1. If the demand function of a good is given by $ P = 80 - 3Q $, the fixed costs are 100, and the variable cost is 5 per unit, work out the profit when $ Q = 10 $.2. Find an expression for the profit function given the demand function $ 2Q + P = 25 $ and the average cost function $ AC = \frac{32}{Q} + 5 $. Find the value of $ Q $ for which the firm: (a) Breaks even (b) Makes a loss of 432 units (c) Maximizes profit.

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Answered: 1. If the demand function of a good is…

1. If the demand function of a good is given by P-80 - 30, the fixed costs are 100 and variable cost are 5 per unit. Work out the profit when Q=10.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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