Results 1 to 3 of 3

Math Help - Optimization in economic question?

  1. #1
    Newbie
    Joined
    Oct 2012
    From
    London
    Posts
    7

    Optimization in economic question?

    A firm that produces a single product faces a demand function : q = 10,000P - 100P where q is the quantity demanded, and p is the firmís price. Its total cost function is : TC(q)= 200+20q+q2/300.
    the question is : What is the profit-maximising level of production for this firm? answer= q=3000
    What is the firmís maximum profit? R= 119800
    Calculate (discrete) marginal revenue and (discrete) marginal cost at an output of 2000 ?. MR=60 , Mc= 33.3

    The correct answers are in brackets after the question , but I am more interested in explaining how the answer was obtained. with thanks
    Follow Math Help Forum on Facebook and Google+

  2. #2
    Newbie
    Joined
    Oct 2012
    From
    London
    Posts
    7

    Re: Optimization in economic question?

    (Hint) Write a formula for profit (π) in terms of q
    Follow Math Help Forum on Facebook and Google+

  3. #3
    Newbie
    Joined
    Oct 2012
    From
    London
    Posts
    7

    Re: Optimization in economic question?

    Please any help.
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Calculus in Economic
    Posted in the Calculus Forum
    Replies: 1
    Last Post: December 16th 2010, 03:56 AM
  2. Economic Order Quantity
    Posted in the Statistics Forum
    Replies: 11
    Last Post: March 23rd 2010, 08:22 PM
  3. Economic lot size
    Posted in the Business Math Forum
    Replies: 0
    Last Post: April 25th 2008, 10:43 AM
  4. Economic question
    Posted in the Business Math Forum
    Replies: 1
    Last Post: January 18th 2008, 09:55 AM
  5. Replies: 1
    Last Post: August 7th 2007, 12:52 PM

Search Tags


/mathhelpforum @mathhelpforum