Mathematics 1 Assignment, NUS, Singapore: The demand curve for a good is given by 20q4qp 2 ++=. Sketch the demand curve.
| University | National University of Singapore (NUS) |
1) The demand curve for a good is given by 20q4qp 2 ++=. Sketch the demand curve. If the supply equation is 176q10qp 2 +−−=, determine the equilibrium price and quantity.
2) A firm is a monopoly for the good it produces. Its average variable cost function is 4qAVC 2 += and it has fixed costs of 1. The demand equation for its good is given by p20q −=. Find expressions, in terms of q, for the total revenue and profit functions. Determine the production level q that gives the maximum profit. Also, find this maximum profit.
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