Results 1 to 3 of 3

Math Help - Demand curve and cost function question! URGENT:)

  1. #1
    Junior Member
    Joined
    Sep 2007
    Posts
    69

    Demand curve and cost function question! URGENT:)

    A monopolist faces the following demand curve and cost function

    P= 50-0.5Q TC=2Q+1000

    Find the follwing equations
    Marginal cost:
    Marginal Revenue:
    Average total cost:

    Graph the following on the same graph
    Follow Math Help Forum on Facebook and Google+

  2. #2
    Senior Member
    Joined
    Feb 2008
    From
    Berkeley, Illinois
    Posts
    364
    Quote Originally Posted by lemontea View Post
    A monopolist faces the following demand curve and cost function

    P= 50-0.5Q TC=2Q+1000

    Find the follwing equations
    Marginal cost:
    Marginal Revenue:
    Average total cost:

    Graph the following on the same graph
    Marginal cost - Wikipedia, the free encyclopedia

    Therefore, MC = DTC/DQ = 2

    Marginal Revenue works in a similar fashion, shown here:

    Marginal revenue - Wikipedia, the free encyclopedia

    Does that get you started?
    Follow Math Help Forum on Facebook and Google+

  3. #3
    Grand Panjandrum
    Joined
    Nov 2005
    From
    someplace
    Posts
    14,972
    Thanks
    4
    Quote Originally Posted by lemontea View Post
    A monopolist faces the following demand curve and cost function

    P= 50-0.5Q TC=2Q+1000

    Find the follwing equations
    Marginal cost:
    Q: demand, P: price, TC: total costs

    Marginal cost MC is defined as:

    MC=\frac{d}{dQ}TC

    Marginal Revenue:
    Revenue is demand times price:

    R=Q \times P

    MR=\frac{d}{dQ}R

    Average total cost:
    Average cost is:

    AC=TC/Q


    Graph the following on the same graph
    RonL
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Demand and Total Cost Curves
    Posted in the Business Math Forum
    Replies: 1
    Last Post: July 1st 2010, 10:29 AM
  2. [SOLVED] Supply/Demand function question
    Posted in the Calculus Forum
    Replies: 0
    Last Post: February 15th 2010, 01:26 PM
  3. Marginal Cost/Demand and Cost
    Posted in the Calculus Forum
    Replies: 4
    Last Post: November 4th 2009, 07:45 PM
  4. Demand and total cost function
    Posted in the Business Math Forum
    Replies: 1
    Last Post: November 21st 2008, 11:53 PM
  5. Urgent. Cost demand functions
    Posted in the Business Math Forum
    Replies: 1
    Last Post: September 19th 2007, 04:53 AM

Search Tags


/mathhelpforum @mathhelpforum