Questions on the project (YOU MUST ANSWER ALL OF THEM IN THE REPORT):
1. Develop the total revenue, total cost (if not given), and profit functions. Explain these functions in few sentences.
2. Develop a 2D plot for demand versus the price. What do you notice?
3. Develop a 2D plot for total cost versus the quantity; average cost versus the quantity; marginal cost versus the quantity; and marginal revenue versus quantity on the same graph. What do you notice?
4. Compute the demand elasticity when price equal to 4. Interpret your result.
5. Find the quantities that maximize the total revenue and profit. Interpret your result.
6. Find the quantity that minimize the total cost function. Interpret your results.
7. Discuss the results of 5 and 6.
8. What is the price that maximizes the profit? Interpret your result.
9. What is the maximum profit? Explain clearly your result.
10. Provide a simple conclusion that would explain what you have learned during the group project.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more