4. Determine the average function and the marginal function for each of the following functions Totals: a)
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Question:
4. Determine the average function and the marginal function for each of the following functions
Totals:
a) Total income TR = 100 Q - Q2
b) Total cost TC = 1000+ 10 Q + .01 Q2
c) Total profit TP = 50 Q - 0.1 Q2 - 1000
5. Given the following total income function TR = 100 Q - Q2, determine the level of production that allow to maximize total income.
6. Given the total cost function TC = 200Q - Q2 + 0.3 Q3, determine the level of production that minimize the average total cost.
Graphically complement the answers to questions 5 and 6.
Related Book For
Business Statistics In Practice Using Data Modeling And Analytics
ISBN: 9781259549465
8th Edition
Authors: Bruce L Bowerman, Richard T O'Connell, Emilly S. Murphree
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