Answer: Given that, Demand function: Q=120-2P Or, P=(120-Q)/2 Cost function: C=20+2.5Q^2 Now, Revenue=P*Q Or, Revenue=(120-Q)/2*Q=60Q-Q^2/2 Therefore, MR=d(60Q-Q^2/2)/dQ=60-Q Similarly, MC=dC/dQ=d(20+2.5Q^2 )/dQ Or, MC=5Q For Profit maximization, MR=MC Or, 60-Q=5Q Or, Q=10 Putting ...
Dec 25, 2020 · No science offers more dizzying complexity than does economics, “the dismal science.” And yet . . . And yet, it all can be boiled down to one simple question, the answer to which opens up the entire subject like a bright ray of sunshine on a foggy morning. That question is:
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Such questions should explicitly state the mathematical structure required to derive the answer, not leave it implicit, assuming that students will be aware of the economic model in question and the assumptions underlying it.
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23565 Mathematics for Economics and Business. Warning: The information on this page is indicative. The subject outline for a particular session, location and mode of offering is the authoritative source of all information about the subject for that offering.
Mathematical economics allows economists to formulate testable hypotheses on a wide array of complicated subjects and topics. It also permits economists to explain observable phenomena in quantifiable terms and provide the basis for further interpretation or the provision of possible solutions.