A manufacturer's total cost equation per day is given by the equation TC = 440 + 4q+,0001Q². f each unit is sold at P = 100.0004Q. 1. Determine the total revenue equation, the marginal revenue, and the average revenue equation. 2. Determine the total marginal cost equation and the average cost equation. 3. Determine the profit equation and the marginal profit equation. 4. Determine the level of Q that maximizes total revenue.
A manufacturer's total cost equation per day is given by the equation TC = 440 + 4q+,0001Q². f each unit is sold at P = 100.0004Q. 1. Determine the total revenue equation, the marginal revenue, and the average revenue equation. 2. Determine the total marginal cost equation and the average cost equation. 3. Determine the profit equation and the marginal profit equation. 4. Determine the level of Q that maximizes total revenue.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![A manufacturer's total cost equation per day is given by the equation TC = 440 +4q+,00010².
If each unit is sold at P = 100.0004Q.
1.
Determine the total revenue equation, the marginal revenue, and the average revenue
equation.
2. Determine the total marginal cost equation and the average cost equation.
3.
Determine the profit equation and the marginal profit equation.
4.
Determine the level of Q that maximizes total revenue.
5. Determine the level of Q that
minimizes the total cost.
6. Determine the level of Q that maximizes the total profit.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5db6e96d-8d98-4364-bb06-cd79ca197a2a%2Fac9cfb9f-63d4-4ef2-a01b-608eb6cc15e5%2Fela2zx_processed.png&w=3840&q=75)
Transcribed Image Text:A manufacturer's total cost equation per day is given by the equation TC = 440 +4q+,00010².
If each unit is sold at P = 100.0004Q.
1.
Determine the total revenue equation, the marginal revenue, and the average revenue
equation.
2. Determine the total marginal cost equation and the average cost equation.
3.
Determine the profit equation and the marginal profit equation.
4.
Determine the level of Q that maximizes total revenue.
5. Determine the level of Q that
minimizes the total cost.
6. Determine the level of Q that maximizes the total profit.
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