Problem:
If tr=600q-120q(squared) and tc = 80+160q-10q(squared), where q= quantity, tr = total revenue, and tc = total cost, find the profit maximising quantity at which marginal revenue (mr) equals marginal cost (mc)
A company estimates that its total cost function is given by tc=16000+60q and its total revenue function is tr=80q. What is the break even level of output, q where the company makes no profit?
Given the consumption function c=20+3y (to the power of) 0.4, write down the equation for marginal propensity to consume (mpc) and marginal propensity to save (mps)