Develop the average cost function and plot it

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Reference no: EM131064795

Project: For XYZ Manufacturing Co., total fixed costs are $1200, material and labor costs combined are $2 and the demand equation is.

1. Develop the average cost function and plot it.

2. Plot the demand curve.

3. Compute the demand elasticity when quantity equals to 10. Is the demand elastic?

4. Compute the marginal cost and evaluate it when q=10.

5. Develop the profit function.

6. Find the quantity that maximizes the total profit.

7. What is the price that maximizes the profit?

8. What is the maximum profit?

Reference no: EM131064795

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