dTCMC =dQ= 25 + 30Q – 9Q²4. Given marginal cost,and fixed cost, FC = 55, find the (i)totalcost, (ii) average cost, and (iii) variable cost functions.(Ans, (i)TC = 25Q +15Q² – 3Q³ + 55 i) 4C = 25 +15Q – 3Q² +55/Q and.,(ii)VC = 25Q +15Q² – 3Q°).(iii)5. Find the (i) Total Revenue function,TR = f(Q)and, (ii) the Demand function,P = f(Q),TR = 84Q – 20?3Q³Q?P = 84 – 2Q –MR = 84 – 4Q-Q²3 ).%3Dgiven(Ans. (i)(ii)

Total revenue is calculated by taking the integration of marginal revenue. And, marginal revenue is…

Answered: dTC МС - = 25 + 30Q – 9Q² dQ and fixed…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A certain company has a selling price of for their product of 1500-3/4x dollars per unit and fixed costs of $800 and variable costs of 1/4x+1210 dollars per unit, where x is the total number of units produced. A.) FInd the Break even point? B.) When will the company make profit? C.) What is the make profit and the corresponding production level?
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Bags/Participants Fixed Cost Variable Cost Total Cost 0 $1,700 $ - $1,700 100 $1,700 $500 $2,200 200 $1,700 $1,200 $2,900 300 $1,700 $2,700 $4,400 400 $1,700 $5,200 $6,900 500 $1,700 $9,000 $10,700 600 $1,700 $15,000 $16,700 700 $1,700 $23,800 $25,500 800 $1,700 $36,800 $38,500 900 $1,700 $55,800 $57,500 1,000 $1,700 $83,000 $84,700 Given the above information on cost, if you charge $15 per entry, what is the breakeven quantity of bags that you should order? At what quantity of bags will profits be maximized? A Use the profit maximizing rule, MR ≥ MC, buy 300 bags. B Use the profit maximizing rule, MR ≥ MC, buy 200 bags. C Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 300. D Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 200.
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