I need answers for the last two parts.Thanks. A firm has the following information on productionQ.6and costs from past data:OutputTotal Cost (TC)(Y)12189277553618199If theTC = aY'+ bY² + kY + f, and the demand for theproduct of the firm is Y = 320- (1/2). P answer thetotal cost function isknowntobefollowing:• Determine the coefficients of the cubic cost function.Derive all cost and revenue curves and the profitfunction.• Show that the MC cuts the AVC when AVC is at itsminimum point. Plot the relevant graph indicating allpoints.• Calculate the break even and profit maximizing levels ofoutput and price.• What is the relationship between price, marginal revenueand own price elasticity of demand at the profitmaximization point.

Answered: Image /qna-images/answer/6abf8776-2a42-46f2-a917-1ba8d820d1bd.jpg

Calculate the break even and profit maximizing levels of output and price. What is the relationship between price, marginal revenue and own price elasticity of demand at the profit maximization point.

Calculate the break even and profit maximizing levels of output and price. What is the relationship between price, marginal revenue and own price elasticity of demand at the profit maximization point.

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

100%

I need answers for the last two parts.

Thanks.

A firm has the following information on production
Q.6
and costs from past data:
Output
Total Cost (TC)
(Y)
12
18
9
2775
5361
8199
If the
TC = aY'+ bY² + kY + f, and the demand for the
product of the firm is Y = 320- (1/2). P answer the
total cost function is
known
to
be
following:
• Determine the coefficients of the cubic cost function.
Derive all cost and revenue curves and the profit
function.
• Show that the MC cuts the AVC when AVC is at its
minimum point. Plot the relevant graph indicating all
points.
• Calculate the break even and profit maximizing levels of
output and price.
• What is the relationship between price, marginal revenue
and own price elasticity of demand at the profit
maximization point.

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