Quiz 3

$Consider~the~total~cost~function~TC=2x^{2}+3x+5~(where~x~is~quantity).~Find~the~average~cost~function,~i.e.~AC.~$

$Consider~the~total~cost~function~TC=2x^{2}+3x+5~(where~x~is~quantity).~Find~the~marginal~cost~function,~i.e.~MC.~$

$Consider~the~total~cost~function~TC=2x^{2}+3x+5~(where~x~is~quantity).~Find~the~point~where~the~average~cost~is~minimized.~$

$Consider~the~total~cost~function~TC=2x^{2}+3x+5~(where~x~is~quantity).~Find~the~minimum~level~of~AC.~$

$Consider~the~total~cost~function~TC=2x^{2}+3x+5~(where~x~is~quantity).~Find~the~point~where~AC~=MC.~$

$Which~of~the~following~arguments~is~true~when~AC~is~minimized?$

$Consider~the~total~cost~function~TC=2x^{2}+3x+5.~Describe~the~relationship~between~MC~and~AC~around~x=\sqrt{\frac{5}{2}}.~$

$Consider~the~cost~function,~TC~=~5x~+10.~Describe~the~relationship~between~AC~and~MC~as~x~grows~to~infinity.~$

$There~is~a~demand~function~x~=~100~-~2p~(where~x~is~quantity~and~p~is~price).~Find~the~inverse~demand~function~for~it.$

$The~inverse~demand~function~is~p~=~-0.5x~+~50~(where~p~is~price~and~x~is~quantity).~Find~the~TR~(total~revenue)~function~as~a~function~of~x.$

$The~inverse~demand~function~is~p~=~-0.5x~+~50~(where~p~is~price~and~x~is~quantity).~Find~the~MR~(Marginal~revenue)~function~as~a~function~of~x.$

$The~inverse~demand~function~is~p~=~-0.5x~+~50~(where~p~is~price~and~x~is~quantity).~Find~the~value~of~x~(optimal~quantity)~where~the~total~revenue~is~maximized.$

$The~inverse~demand~function~is~p~=~-0.5x~+~50~((where~x~is~quantity).~Find~the~value~of~p~(optimal~price)~where~the~total~revenue~is~maximized.$

$The~inverse~demand~function~is~p~=~-0.5x~+~50~(where~p~is~price~and~x~is~quantity).~What~happens~to~the~price~and~the~total~revenue~when~x~increase~marginally~from~x~=~40?$

$The~demand~function~is~x~=~-2p~+~100~(where~x~is~quantity~and~p~is~price).~What~happens~to~the~x~and~the~TR~(total~revenue)~when~p~increase~marginally~from~p~=~30?$

$What~is~the~relationship~between~MR~and~P~(price)~?~It~is~assumed~that~the~demand~function~is~downward~slopping.$

$Consider~the~demand~function~x=-p^{2}+100.~Find~the~TR~function~in~x. ~~$

$Consider~the~demand~function~x=-p^{2}+100.~Find~the~MR~function.~$

$Consider~the~demand~function~x=-p^{2}+100.~Find~the~value~of~x~where~TR~is~maximized.~$

$Consider~the~demand~function~x=-p^{2}+100.~Find~the~value~of~p~where~TR~is~maximized.~$
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