If tr=600q-120q(squared) and tc = 80+160q-10q(squared), where q= quantity, tr = total revenue, and tc = total cost, find the profit maximising quantity at which marginal revenue (mr) equals marginal cost (mc)
A company estimates that its total cost function is given by tc=16000+60q and its total revenue function is tr=80q. What is the break even level of output, q where the company makes no profit?
Given the consumption function c=20+3y (to the power of) 0.4, write down the equation for marginal propensity to consume (mpc) and marginal propensity to save (mps)
Marginal cost and revenue are investigated. The solution is detailed and well presented. The response received a rating of "5/5" from the student who originally posted the question.