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Solve the problem no. 1(I, II, III&IV) and problem 2 (a and b): 1. Demand function is given as P(q) = 80-4q I. Find the Total Revenue function II. Find the Average Revenue function III. Find the Marginal Revenue Function

Solve the problem no. 1(I, II, III&IV) and problem 2 (a and b): 1. Demand function is given as P(q) = 80-4q I. Find the Total Revenue function II. Find the Average Revenue function III. Find the Marginal Revenue Function

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Solve the problem no. 1(I, II, III&IV) and problem 2 (a and b): 1. Demand function is given as P(q)= 80- 4q I. Find the Total Revenue function II. Find the Average Revenue function III. Find the Marginal Revenue Function IV. Prove that AR is greater than MR by p'(q). q 2. A Firm produces 2 goods TR =7 Q1 +9 Q2 TC= Q1? +2Q1 + 5Q2 +2 Q2? a) Find the profits of the 2 goods using crammer's rule. b) Use the Hessian to test whether the profit has been maximized.
Transcribed Image Text:Solve the problem no. 1(I, II, III&IV) and problem 2 (a and b): 1. Demand function is given as P(q)= 80- 4q I. Find the Total Revenue function II. Find the Average Revenue function III. Find the Marginal Revenue Function IV. Prove that AR is greater than MR by p'(q). q 2. A Firm produces 2 goods TR =7 Q1 +9 Q2 TC= Q1? +2Q1 + 5Q2 +2 Q2? a) Find the profits of the 2 goods using crammer's rule. b) Use the Hessian to test whether the profit has been maximized.
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