Kindly post your responses to the following question and ensure to comment on at least one post from your fellow classmates. This is our final discussion topic; therefore, l am urging all of you to make your contribution. The total revenue curve of a firm is R(x) = 32-5x – 12x and its average cost A(x) = 1x? – 13x + 20 + 200; where x is the firm's output. 30 (a). Derive an expression, n (x), for the firm's profit function. [Hint: Average Cost Total Cost quantity (Average cost)(quantity) Total Cost Or Total Cost = (Average cost)(quantity); where, in this case, quantity is output level, x]. (b). Is the rate of change of profit increasing or decreasing when the output level of the firm is x = 10 and x = 30? (c). Determine the level of output for which profit is maximized. (d). What is the maximum profit.
Kindly post your responses to the following question and ensure to comment on at least one post from your fellow classmates. This is our final discussion topic; therefore, l am urging all of you to make your contribution. The total revenue curve of a firm is R(x) = 32-5x – 12x and its average cost A(x) = 1x? – 13x + 20 + 200; where x is the firm's output. 30 (a). Derive an expression, n (x), for the firm's profit function. [Hint: Average Cost Total Cost quantity (Average cost)(quantity) Total Cost Or Total Cost = (Average cost)(quantity); where, in this case, quantity is output level, x]. (b). Is the rate of change of profit increasing or decreasing when the output level of the firm is x = 10 and x = 30? (c). Determine the level of output for which profit is maximized. (d). What is the maximum profit.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
![Kindly post your responses to the following question and ensure to comment on at least one post from your fellow classmates. This is our
final discussion topic; therefore, l am urging all of you to make your contribution.
The total revenue curve of a firm is R(x) = 32-5x – 12x and its
average cost A(x) = 1x? – 13x + 20 + 200; where x is the firm's output.
30
(a). Derive an expression, n (x), for the firm's profit function.
[Hint: Average Cost Total Cost
quantity
(Average cost)(quantity) Total Cost
Or
Total Cost = (Average cost)(quantity);
where, in this case, quantity is output level, x].
(b). Is the rate of change of profit increasing or decreasing
when the output level of the firm is x = 10 and x = 30?
(c). Determine the level of output for which profit is maximized.
(d). What is the maximum profit.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa03c853f-dd97-4521-b4c6-bf3529bbf06e%2F15bfb743-af7d-40c6-be55-eb25292be200%2Fw0k5t7a.jpeg&w=3840&q=75)
Transcribed Image Text:Kindly post your responses to the following question and ensure to comment on at least one post from your fellow classmates. This is our
final discussion topic; therefore, l am urging all of you to make your contribution.
The total revenue curve of a firm is R(x) = 32-5x – 12x and its
average cost A(x) = 1x? – 13x + 20 + 200; where x is the firm's output.
30
(a). Derive an expression, n (x), for the firm's profit function.
[Hint: Average Cost Total Cost
quantity
(Average cost)(quantity) Total Cost
Or
Total Cost = (Average cost)(quantity);
where, in this case, quantity is output level, x].
(b). Is the rate of change of profit increasing or decreasing
when the output level of the firm is x = 10 and x = 30?
(c). Determine the level of output for which profit is maximized.
(d). What is the maximum profit.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 7 steps with 7 images
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
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…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
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…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
