Project #6:Suppose that the cost function for a product is given by C(q)=0.05q2-10q+1000. The demand function for product is q=-5p+200.
Develop the average cost function and plot it.
Plot the demand curve.
Compute the demand elasticity when quantity equals to 20. Is the demand elastic?
Compute the marginal cost and evaluate it when q=20.
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?
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