Appendix

Business

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(a) Formula to find total profit, marginal profit and average profit: img img Please find the below table with values Table 1.1 img (b) Please find the graph below. This graph can be plotted manually or using excel. Graph 1.1 img (c) Refer to (b). In the graph, at Q=9, the profit function ( ) is at its maximum. (d) Compare to the 1E (d) The profit maximization is at Q =8 in the previous solution. Here, it is at Q =9. This is only 1 unit variation. (e) In the graph plotted in (b), the profit value is 92 at output level of 9.

(1) Total cost is shown using the equation. img Differentiate the equation with respect to Q. img (2) Average Total cost is shown using the equation. img Differentiate the equation with respect to Q. img (3) Marginal cost is shown using the equation. img Differentiate the equation with respect to Q. img (4) Q is shown using the equation. img Differentiate the equation with respect to P. img (5) Q is shown using the equation. img Differentiate the equation with respect to X. img