Question: The market demand function of a firm is given by: 4p + q - 1280 and the firm's average cost function is given by:

The market demand function of a firm is given by: 4p +

The market demand function of a firm is given by: 4p + q - 1280 and the firm's average cost function is given by: AC = % +8 -0.5q +0.06q Determine the level of output which: (a) maximises total revenue; (b) minimises marginal costs; (c) maximises profits.

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ANSWER B Maximises marginal cost In economics the marginal cost is the change in total production co... View full answer

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