( please solve it fast i will give thumbs up) A firm's demand function is given by p = 234 - 5q, where p and q denote the price and quantity,respectively. The firm has fixed costs of £165 and variable costs of £132 per unit produced. Findthe firm's total cost function C(q), revenue function R(q) and profit function n(g), and consider thefollowing statements. Which of these statements is true?(NB: More than one statement might be true. Select ALL statements that you think are true. Partialpoints are added for each correct answer and subtracted for each incorrect answer.)The revenue function is R(g) = 234 - 5q?%3DO The revenue function is R(g) = 234g - 5q?O The profit function is n(g) = 1029 - 5q? + 165O The total cost function is C(g) = 132g + 165!3!The profit function is n(g) = 366q - 5q? - 165O The total cost function is C(q) = 165g + 132

Given Demand function p=234-5q .....(1) Where p and q denote the price and quantity…

A firm's demand function is given by p 234 - 5q, where p and q denote the price and quantity, respectively. The firm has fixed costs of £165 and variable costs of £132 per unit produced. Find the firm's total cost function C(q), revenue function R(q) and profit function (q), and consider the following statements. Which of these statements is true? %3!

A firm's demand function is given by p 234 - 5q, where p and q denote the price and quantity, respectively. The firm has fixed costs of £165 and variable costs of £132 per unit produced. Find the firm's total cost function C(q), revenue function R(q) and profit function (q), and consider the following statements. Which of these statements is true? %3!

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of Factories Q = 100 Q = 200 520 400 660 480 800 560 1 2 3 Average Total Cost (Dollars per bike) Q = 300 Q = 400 320 400 320 320 400 320 Q = 500 560 480 400 Q = 600 800 660 520 Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is $ per bike. Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using On the following graph, plot the three short-run average total cost curves (SRATC) for Ike's Bikes from the…
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