Please answer Part B's questions only. Problem 1(a) Teddy J is a manufacturer of dish washing liquid . If his monthly demand function for 750mlsize is q = 4000 – 250p and his total cost function is C(q) = 500 + 0.2q.-(i)Derive an expression, R(q) for Teddy J's total revenue curve.(ii) Derive an expression, I(q) for Teddy J's profit function.(iii) Determine whether Teddy J's profit is increasing or decreasing whenhe produces 5 hundred, 750ml bottles of dish washing liquid.(iv) How many 750ml bottles of dish washing liquid should Teddy J produce (b) A firm has an average cost function125 q?A(q) :+4.E -16where q is the firm's output.(i) Determine the level of output for average costs are minimum.(ii) Hence determine the range of values for which average costs are decreasing.(iii) What part of the decreasing range is practically feasible?(iv) Write an equation for the total cost function.(v) Hence calculate the level of output for which total costs are minimum.

(i). we have q=4000-250p250p=4000-qp=16-q250For revenue we know,Revenue = price ×…

Answered: (a) Teddy J is a manufacturer of dish…

(a) Teddy J is a manufacturer of dish washing liquid . If his monthly demand function for 750ml size is q = 4000 – 250p and his total cost function is C(q) = 500 + 0.2q.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please answer Part B's questions only.

Problem 1
(a) Teddy J is a manufacturer of dish washing liquid . If his monthly demand function for 750ml
size is q = 4000 – 250p and his total cost function is C(q) = 500 + 0.2q.-
(i)
Derive an expression, R(q) for Teddy J's total revenue curve.
(ii) Derive an expression, I(q) for Teddy J's profit function.
(iii) Determine whether Teddy J's profit is increasing or decreasing when
he produces 5 hundred, 750ml bottles of dish washing liquid.
(iv) How many 750ml bottles of dish washing liquid should Teddy J produce

(b) A firm has an average cost function
125 q?
A(q) :
+
4.
E -
16
where q is the firm's output.
(i) Determine the level of output for average costs are minimum.
(ii) Hence determine the range of values for which average costs are decreasing.
(iii) What part of the decreasing range is practically feasible?
(iv) Write an equation for the total cost function.
(v) Hence calculate the level of output for which total costs are minimum.

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