Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
Do Question B and C only.

Do Question B and C only.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
See similar textbooks
icon
Related questions
Question

Do Question B and C only. 

(a) Given the total revenue function is TR = 165x – 4x2. (i) Find the price-demand function p(x) in terms of x. (ii) Find the marginal revenue function. (iii) Find the marginal revenue when x = 22. Interpret the result. (b) If the average cost function of a good is 16 4· AC = 12x +4 + find an expression for marginal cost MC. If the current output is 17, estimate the effect on TC of a 4 unit decrease in x. (c) Given the demand function P = -3Q² – 6Q + 96, (i) find elasticity when the price is $63. Is the demand elastic, unit elastic or inelastic? Hence, will the revenue increase or decrease if the price increases? (ii) If the price increase by 3%, calculate the corresponding percentage increase in demand.
Transcribed Image Text:(a) Given the total revenue function is TR = 165x – 4x2. (i) Find the price-demand function p(x) in terms of x. (ii) Find the marginal revenue function. (iii) Find the marginal revenue when x = 22. Interpret the result. (b) If the average cost function of a good is 16 4· AC = 12x +4 + find an expression for marginal cost MC. If the current output is 17, estimate the effect on TC of a 4 unit decrease in x. (c) Given the demand function P = -3Q² – 6Q + 96, (i) find elasticity when the price is $63. Is the demand elastic, unit elastic or inelastic? Hence, will the revenue increase or decrease if the price increases? (ii) If the price increase by 3%, calculate the corresponding percentage increase in demand.
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,
SEE MORE TEXTBOOKS