i need it in words not handwritten 3. The functions determining weekly supply and demand of a product are asfollows:TC = 6,404,000 – 1,240Q + 0.155Q2Q = 64,000 – 5OPTC = total costs of production (US$)Q = quantity demanded of productP = price per unit of product (US$)where:a) i) Determine the Marginal Cost function.ii) Derive the Total Revenue and Marginal Revenue functions.iii) Determine the profit maximising price and quantity and hence themaximum profit.b) Calculate the own-price elasticity of demand if the output is 10,000 unitsper week and explain your answer.

Total Cost(TC)=6,404,000-1240Q+0.155Q^2 a) i) Marginal cost is the additional cost incurred when…

3. The functions determining weekly supply and demand of a product are as follows: TC = 6,404,000 – 1,240Q +0.155Q2 Q = 64,000- 50P TC = total costs of production (US$) Q = quantity demanded of product P = price per unit of product (US$) where: %3D %3D %3D a) i) Determine the Marginal Cost function. ii) Derive the Total Revenue and Marginal Revenue functions. iii) Determine the profit maximising price and quantity and hence the maximum profit. b) Calculate the own-price elasticity of demand if the output is 10,000 units per week and explain vour answer

3. The functions determining weekly supply and demand of a product are as follows: TC = 6,404,000 – 1,240Q +0.155Q2 Q = 64,000- 50P TC = total costs of production (US$) Q = quantity demanded of product P = price per unit of product (US$) where: %3D %3D %3D a) i) Determine the Marginal Cost function. ii) Derive the Total Revenue and Marginal Revenue functions. iii) Determine the profit maximising price and quantity and hence the maximum profit. b) Calculate the own-price elasticity of demand if the output is 10,000 units per week and explain vour answer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

i need it in words not handwritten

3. The functions determining weekly supply and demand of a product are as
follows:
TC = 6,404,000 – 1,240Q + 0.155Q2
Q = 64,000 – 5OP
TC = total costs of production (US$)
Q = quantity demanded of product
P = price per unit of product (US$)
where:
a) i) Determine the Marginal Cost function.
ii) Derive the Total Revenue and Marginal Revenue functions.
iii) Determine the profit maximising price and quantity and hence the
maximum profit.
b) Calculate the own-price elasticity of demand if the output is 10,000 units
per week and explain your answer.

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