Derive expressions for the given functions

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Reference no: EM131482220

Question: A firm faces the demand schedule p = 200 - 2q and the total cost function

TC = 2q3 - 14q2 + 222q + 50
       3

Derive expressions for the following functions and find out whether they have maximum or minimum points. If they do, say what value of q this occurs at and calculate the actual value of the function at this output.

(a) Marginal cost

(b) Average variable cost

(c) Average fixed cost

(d) Total revenue

(e) Marginal revenue

(f) Profit

Reference no: EM131482220

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