Question: Q2 Given the demand function, 20 + p = 25; and the average cost function, AC = (32/Q) + 5 where Q is the quantity

Q2 Given the demand function, 20 + p = 25; and the average cost function, AC = (32/Q) + 5 where Q is the quantity and p is the price. Find (a) the price function, p(Q) in terms of Q. (1 mark) (b) the revenue function, R(Q) in terms of Q. (3 marks) (c) the cost function, C(Q) in the terms of Q. [Hint : Average cost, AC = cost function.C(x), quantiong (3 marks) (d) the profit function. (2 marks) (e) the quantity when the firm breaks even. (4 marks) (f) the quantity when the firm makes a loss of 432 units. (5 marks) (g) the quantity when the firm maximizes profit. (2 marks)

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