Problem
1. A firm has to pay fixed costs of £200 and then £16 labour plus £5 raw materials for each unit produced of good X. Write an expression for average cost and simplify.
2. A firm sells 40% of its output at £200 a unit, 30% at £180 and 30% at £150. Write an expression for the average revenue received on each unit sold and then simplify it.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.