Please help with f. The average revenue (demand) for product Q is given by AR = 400 – 2Q and thetotal cost of Q by:STC6000 + 12Q + 3Q?< Note: this is not a typical cubic functiona. Find the price function and then the TR function. See Assignment 3 or 4for an example. Hint: another name for price is average revenue (AR).b. Write the MR and MC functions below. Remember: MR = dTR/dQ andMC = DSTC/dQ. See Assignment 5 for a review of derivatives.c. What positive value of Q will maximize total profit? Remember: SettingMR = MC and solving for Q will give you the Q that maximizes totalprofit. The value of Q you get should not be zero or negative.d. Use the price function found in (a) to determine the price per unit thatwill need to be charged at the Q found in (c). This will be the price youshould ask per unit for each unit of Q that maximizes total profit.e. How much total profit will result from selling the quantity found in (c) atthe price found in (d)? Remember: profit is TR – STC.f. At what level of Q is revenue maximized? Remember: let MR = 0 andsolve for Q. MR = 0 signals the objective of maximizing revenue.

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Answered: f. At what level of Q is revenue…

f. At what level of Q is revenue maximized? Remember: let MR = 0 and solve for Q. MR = 0 signals the objective of maximizing revenue. %3D

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please help with f.

The average revenue (demand) for product Q is given by AR = 400 – 2Q and the
total cost of Q by:
STC
6000 + 12Q + 3Q?
< Note: this is not a typical cubic function
a. Find the price function and then the TR function. See Assignment 3 or 4
for an example. Hint: another name for price is average revenue (AR).
b. Write the MR and MC functions below. Remember: MR = dTR/dQ and
MC = DSTC/dQ. See Assignment 5 for a review of derivatives.
c. What positive value of Q will maximize total profit? Remember: Setting
MR = MC and solving for Q will give you the Q that maximizes total
profit. The value of Q you get should not be zero or negative.
d. Use the price function found in (a) to determine the price per unit that
will need to be charged at the Q found in (c). This will be the price you
should ask per unit for each unit of Q that maximizes total profit.
e. How much total profit will result from selling the quantity found in (c) at
the price found in (d)? Remember: profit is TR – STC.
f. At what level of Q is revenue maximized? Remember: let MR = 0 and
solve for Q. MR = 0 signals the objective of maximizing revenue.

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