Thabo has found that the cost of running his taxi is BWP 1200 a year in...

  

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Thabo has found that the cost of running his taxi is BWP 1200 a year in fixed costs and variable costs of BWP 80 per kilometer traveled. i) Determine the total cost per year for Thabo's taxi and sketch the function. [4] Thabo decided to enter a joint venture with a few other taxi drivers and they formed a company. Below are the new total cost and total revenue functions for the new company Total Costs = -15Q2 + Q3 + 1000 Total Revenue= -Q2 + 14Q+ 2000 Given the above information answer the following questions: ii. Calculate the marginal revenue and marginal costs. [4] iii. Calculate the profit function and derive the marginal profit. [3] iv. Calculate the breakeven point [2] v. Determine total costs and total revenue when the quantity produced is 100 units [2] vi. Thabo's brother, Patrick has decided to also enter the transport business but will focus on luxury travel. Assuming that his marginal cost of running a luxury taxi is represented by the following function MC= x2 + 800. What was the total cost function? [3] vii. Define the limit and domain of a function. [2] Thabo has found that the cost of running his taxi is BWP 1200 a year in fixed costs and variable costs of BWP 80 per kilometer traveled. i) Determine the total cost per year for Thabo's taxi and sketch the function. [4] Thabo decided to enter a joint venture with a few other taxi drivers and they formed a company. Below are the new total cost and total revenue functions for the new company Total Costs = -15Q2 + Q3 + 1000 Total Revenue= -Q2 + 14Q+ 2000 Given the above information answer the following questions: ii. Calculate the marginal revenue and marginal costs. [4] iii. Calculate the profit function and derive the marginal profit. [3] iv. Calculate the breakeven point [2] v. Determine total costs and total revenue when the quantity produced is 100 units [2] vi. Thabo's brother, Patrick has decided to also enter the transport business but will focus on luxury travel. Assuming that his marginal cost of running a luxury taxi is represented by the following function MC= x2 + 800. What was the total cost function? [3] vii. Define the limit and domain of a function. [2]