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


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


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

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