P= 10,000-2Q C = 16,000+ 1648Q +0.4Q² a. Determine the quantity (Q) that maximizes profit. b. Calculate P, R, C, AC, and at the optimal quantity found in part a. c. Determine the quantity (Q) that maximizes total revenue. d. Calculate P, R, C, AC, and at the optimal quantity found in part c. e. Determine the quantity (Q) that minimizes average cost. f. Calculate P, R, C, AC, and x at the optimal quantity found in part e. Equations: Rules for Optimization Profit Maximization MR = MC Revenue Maximization MR 0 Average Cost Minimization MC = AC or Shortcut: for C= a +bQ+cQ² II=R-C R =P* Q AC = C/O Q = (a/c)1/2
P= 10,000-2Q C = 16,000+ 1648Q +0.4Q² a. Determine the quantity (Q) that maximizes profit. b. Calculate P, R, C, AC, and at the optimal quantity found in part a. c. Determine the quantity (Q) that maximizes total revenue. d. Calculate P, R, C, AC, and at the optimal quantity found in part c. e. Determine the quantity (Q) that minimizes average cost. f. Calculate P, R, C, AC, and x at the optimal quantity found in part e. Equations: Rules for Optimization Profit Maximization MR = MC Revenue Maximization MR 0 Average Cost Minimization MC = AC or Shortcut: for C= a +bQ+cQ² II=R-C R =P* Q AC = C/O Q = (a/c)1/2
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
Transcribed Image Text:P=10,000-2Q
C = 16,000+ 1648Q +0.4Q²
a. Determine the quantity (Q) that maximizes profit.
b. Calculate P, R, C, AC, and at the optimal quantity found in part a.
c. Determine the quantity (Q) that maximizes total revenue.
d. Calculate P, R, C, AC, and at the optimal quantity found in part c.
e. Determine the quantity (Q) that minimizes average cost.
f. Calculate P, R, C, AC, and at the optimal quantity found in part e.
Equations:
Rules for Optimization
Profit Maximization
MR = MC
Revenue Maximization
MR=0
Average Cost Minimization
MC = AC or
Shortcut: for C= a +bQ+cQ²
II=R-C
R =P* Q
AC = C/O
Q = (a/c)1/2
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 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,
