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Describe the price and quantity for maximum sales

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Demand, Supply, Cost, Average Cost and Marginal Cost

The market demand function of a firm is given by 8P + Q - 64 = 0, and the firm's average cost function takes the form AC = 8/Q + 6 - 0.4Q + 0.08Q2.

i)Determine the price and quantity for maximum sales revenue and calculate the maximum revenue.

ii)Determine the price and quantity for minimum marginal costs and calculate the minimum marginal cost.

iii)Determine the price and quantity for maximum profit and calculate the maximum profit.

 

Reference no: EM1337685

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