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Compute the demand elasticity

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Reference no: EM131603817

Question: Consider the demand function is q=5000-60p and the total cost function is c=0.0035 q^2+45 q+4000. Questions Use of MATHEMATICA (or of any other software) is recommended. Choose any of the projects and answer the question for your selected project at the end of this document.

- Develop a 2D plot for demand versus the price. Develop a 2D plot for average cost versus the quantity.

- Compute the demand elasticity when price equal to 1.

- Compute the marginal cost when the quantity is equal 1.

- Develop the profit function. Find the quantity that maximizes the total profit. What is the price that maximizes the profit? What is the maximum profit?

Reference no: EM131603817

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