EC4004 Economics Quantitatively Treated Assessment
- Subject Code :
EC4004
- Country :
Australia
Find the values of x at which the following functions take a local maximum or minimum value (if any):
- y =-2x^2 +20x
- y= x^2 - 14x + 3
- y = x^ 3 - 12x + 15
- y = x^ 3 - 9x^2 + 27x - 27
- A firm has a total revenue function : TR(Q) =-20Q -Q^2 and a total cost function: TC(Q) =1/3Q^3 -6Q^2 +29 Q +15 .
- The firms profit maximizing level of output and the values of profit, price and revenue at this output level.
- The revenue maximizing output level and the values of profit, price and revenue at this output level.
- The output for a firm over time is given by the function: Q=T^3/30-T^2/5+3T/10+120
Find the years (t) in which the output is at a maximum and a minimum