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Q#1: The demand function of a good is given by P+ 2Q = 20 and total average Cost function AC=Q?- 8Q+ 20 + 2/Q 1) Find the level of output which maximizes total profit. (ii) Find the maximum profit.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q#1: The demand function of a good is given by P+ 2Q = 20 and total average Cost function
AC =Q?- 8Q +20 + 2/Q
1) Find the level of output which maximizes total profit.
(ii) Find the maximum profit.

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