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P= 10,000-2Q C = 16,000+ 1648Q +0.4Q² a. Determine the quantity (Q) that maximizes profit. b. Calculate P, R, C, AC, and at the optimal quantity found in part a. c. Determine the quantity (Q) that maximizes total revenue. d. Calculate P, R, C, AC, and at the optimal quantity found in part c. e. Determine the quantity (Q) that minimizes average cost. f. Calculate P, R, C, AC, and x at the optimal quantity found in part e. Equations: Rules for Optimization Profit Maximization MR = MC Revenue Maximization MR 0 Average Cost Minimization MC = AC or Shortcut: for C= a +bQ+cQ² II=R-C R =P* Q AC = C/O Q = (a/c)1/2

P= 10,000-2Q C = 16,000+ 1648Q +0.4Q² a. Determine the quantity (Q) that maximizes profit. b. Calculate P, R, C, AC, and at the optimal quantity found in part a. c. Determine the quantity (Q) that maximizes total revenue. d. Calculate P, R, C, AC, and at the optimal quantity found in part c. e. Determine the quantity (Q) that minimizes average cost. f. Calculate P, R, C, AC, and x at the optimal quantity found in part e. Equations: Rules for Optimization Profit Maximization MR = MC Revenue Maximization MR 0 Average Cost Minimization MC = AC or Shortcut: for C= a +bQ+cQ² II=R-C R =P* Q AC = C/O Q = (a/c)1/2

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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P=10,000-2Q C = 16,000+ 1648Q +0.4Q² a. Determine the quantity (Q) that maximizes profit. b. Calculate P, R, C, AC, and at the optimal quantity found in part a. c. Determine the quantity (Q) that maximizes total revenue. d. Calculate P, R, C, AC, and at the optimal quantity found in part c. e. Determine the quantity (Q) that minimizes average cost. f. Calculate P, R, C, AC, and at the optimal quantity found in part e. Equations: Rules for Optimization Profit Maximization MR = MC Revenue Maximization MR=0 Average Cost Minimization MC = AC or Shortcut: for C= a +bQ+cQ² II=R-C R =P* Q AC = C/O Q = (a/c)1/2
Transcribed Image Text:P=10,000-2Q C = 16,000+ 1648Q +0.4Q² a. Determine the quantity (Q) that maximizes profit. b. Calculate P, R, C, AC, and at the optimal quantity found in part a. c. Determine the quantity (Q) that maximizes total revenue. d. Calculate P, R, C, AC, and at the optimal quantity found in part c. e. Determine the quantity (Q) that minimizes average cost. f. Calculate P, R, C, AC, and at the optimal quantity found in part e. Equations: Rules for Optimization Profit Maximization MR = MC Revenue Maximization MR=0 Average Cost Minimization MC = AC or Shortcut: for C= a +bQ+cQ² II=R-C R =P* Q AC = C/O Q = (a/c)1/2
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