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