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%.
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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