Question: 4. Determine the average function and the marginal function for each of the following functions Totals: a) Total income TR = 100 Q - Q
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.
Step by Step Solution
There are 3 Steps involved in it
4a Total income function The average function for TR 100Q Q2 is TR 100Q2 Q22 50Q2 Q24 The marginal f... View full answer
Get step-by-step solutions from verified subject matter experts
