The following information is given for a firm:

TC = Q ³ – 4Q ² + 8Q + 4

MR = 40 – 4Q

Show the calculations and equations for:

1. MC

2. ATC

3. TVC

4. AVC

5. AFC

6. TR

7. AR

8. Profit

Show the calculations for:

Output where AVC is at a minimum

Output where TR is at a maximum

Output where MC is at a minimum

Output where TC reaches a point of inflection

Most profitable output

TC at most profitable output

TVC at most profitable output

MC at most profitable output

Price at most profitable output

MR at most profitable output

ATC at most profitable output

AVC at most profitable output

TR at most profitable output

Total profit at most profitable output

Price elasticity of demand at most profitable output

Output where AVC is equal to MC

Solution:

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