Your firm has recently started to give economic advice your clients. Acting as a consultant you have estimated the demand curve ofa client's firm to be: AR=200-8X. where AR is average revenue (Tsh) and x is output. Investigation of the client firm's cost profile shows that marginal cost is given by MC=X²-28X+211 where MC is marginal cost(Tsh). Further investigation has shown that the firm's costs when not producing output are Tsh 10. Required a)If the total cost is the integral of marginal cost,find the equation of total cost. b)Find the equation of total revenue. c)Find the turning point (s) of the firm's profit curve and say whether these points are maxima or minima. d) Find the equation for marginal revenue
Your firm has recently started to give economic advice your clients. Acting as a consultant you have estimated the demand curve ofa client's firm to be: AR=200-8X. where AR is average revenue (Tsh) and x is output. Investigation of the client firm's cost profile shows that marginal cost is given by MC=X²-28X+211 where MC is marginal cost(Tsh). Further investigation has shown that the firm's costs when not producing output are Tsh 10. Required a)If the total cost is the integral of marginal cost,find the equation of total cost. b)Find the equation of total revenue. c)Find the turning point (s) of the firm's profit curve and say whether these points are maxima or minima. d) Find the equation for marginal revenue
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 43E
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Your firm has recently started to give economic advice your clients. Acting as a consultant you have estimated the demand curve ofa client's firm to be: AR=200-8X. where AR is average revenue (Tsh) and x is output. Investigation of the client firm's cost profile shows that marginal cost is given by MC=X²-28X+211 where MC is marginal cost(Tsh). Further investigation has shown that the firm's costs when not producing output are Tsh 10.
Required
a)If the total cost is the integral of marginal cost,find the equation of total cost.
b)Find the equation of total revenue.
c)Find the turning point (s) of the firm's profit curve and say whether these points are maxima or minima .
d) Find the equation for marginal revenue
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