Question: Question 4 (10 marks) The demand function and total cost function for a product are 200 = 10000 5P TC = 6800 4 0.05Q3 (a)

Question 4 (10 marks) The demand function and total cost function for a product are 200 = 10000 5P TC = 6800 4 0.05Q3 (a) Derive expressions for;- (1 mark each) i. marginal cost Answer: ii. total revenue Answer: ii. marginal revenue Answer: iv. profit Answer: (b) Determine the values of () for which Total Revenue is a maximum. What is maximum Total Revenue to the nearest dollar? (3 marks) Answer: (c) Determine the value of Q for which profit is a maximum. What is the maximum profit to the nearest dollar

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