Question: Can you find me the correct solution for this problem please? 4. A manufacturing company has a demand curve given by the function: 4q -

Can you find me the correct solution for this problem please?

4. A manufacturing company has a demand curve given by the function: 4q - 240 + 8p = 0 Where q is quantity and p is price. The average cost (AC) of the firm is given by the relationship: AC - 4q2 = 128 + 2/q - 32q (a) Find the level of output which: (i) maximises total revenue; (3 marks) (ii) minimises marginal costs. (3 marks) (b) Show that the price elasticity of demand is equal to unity at the output which gives maximum revenue. (4 marks)

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