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dsc1520 assignment 3 of first semester 2022 expected answers

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The document contains expected answers for dsc1520 assignment 3 of first semester 2022 expected answers compiled by top tutors . using it correctly will ensure more than 85%.

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  • March 28, 2022
  • 8
  • 2022/2023
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Dashboard / My courses / DSC1520-22-S1 / Welcome Message / Assessment 3

Started on Monday, 28 March 2022, 8:19 AM
State Finished
Completed on Monday, 28 March 2022, 8:45 AM
Time taken 26 mins 9 secs
Grade 80.00 out of 100.00


Question 1

Correct

Mark 10.00 out of 10.00




The demand function Q(P ) and cost functions C (Q) of a commodity are given by the equations:

Q = 12000 − 60P



C (Q) = 10000 + 4Q,



where P and Q are the price and quantity, respectively.

The total revenue function T R in terms of P is



a. T R = 12 000 − 60P .


b. T R = P (12 000 − 60P
2
).


c. T R = 12 000P − 60P
2
. 

d. T R = 12 000 + 60P
2
.




Your answer is correct.

The correct answer is:
2
T R = 12 000P − 60P .






, Question 2

Incorrect

Mark 0.00 out of 10.00


MENU 

The demand function Q(P ) and cost functions C (Q) of a company's are given by the equations:
Dashboard / My courses / DSC1520-22-S1 / Welcome Message / Assessment 3
Q = 12000 − 60P



C (Q) = 10000 + 4Q,



where P and Q are the price and quantity, respectively.

What is the company's profit function?




a. Profit= −60P − 4Q + 2 000


b. Profit= −60P
2
+ 11 760P − 58 000 

c. Profit= −60P
2
+ 12 240P − 58 000


d. Profit= −60P
2
+ 12 240P + 38 000




Your answer is incorrect.
The correct answer is:
Profit= −60P 2 + 12 240P − 58 000




Question 3

Correct

Mark 10.00 out of 10.00




The demand function of a firm is

Q = 90 − 1,5P ,



where P and Q represent the price and quantity, respectively. At what price is revenue a maximum?



a. 15

b. 30 

c. 270

d. 90



Your answer is correct.

The correct answer is:
30




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