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Pages:
1 page/≈275 words
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Level:
APA
Subject:
Mathematics & Economics
Type:
Math Problem
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
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Topic:

Effective Economics Of Industry Under Perfectly Competitive Market (Math Problem Sample)

Instructions:

The task was about finding the Fix cost, variable cost and profit MAXIMIZATION. The sample is all about economics of industry under perfectly COMPETITIVE market

source..
Content:

The demand and cost function for a company is estimated as follows:
P =100- 8Q ------------------------------------------------Eq1
CT= 50 +80Q -10Q2 + 0.6Q3 ----------------------------Eq2
* Solution
From the demand function price of goods manufactured must be less 100 which is less than the quantity sold and the cost function;
Fixed cost=50
Variable cost=80Q-10Q2+0.6Q3
We then explore way to find the following variables;
Total revenue (TR) = P*Q = 100Q –8Q2 --------------------------------------------------Eq3
Marginal revenue (MR) = First order derivative of TR with respect to Q = MR = 100 – 16Q --------------------------------Eq4
Marginal cost (MC) = First order derivative of TC with respect to Q=
MC = 80-20Q+1.8Q2 ---------------------------------------------------------------------Eq5
Average revenue (AR) = 100- 8Q= P ---------------------------------------------------Eq6
This

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