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Handout Ch 3 Solutions - Solution to Handout Problems...

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Solution to Handout Problems: Chapter 3: 1) This is an application of composite functions a) ( ) ( ) ( ) Q t Q p t = ( ) 2 2 64800 0.04 0.2 12 t t = + + b) The Quantity Demanded 10 weeks from now ( t = 10) ( ) ( ) ( ) 10 10 Q Q p = ( ) ( ) ( ) 2 2 64800 200 0.04 10 0.2 10 12 = = + + units 2) This is another application of composite functions a) If P = 40 and is assumed to be constant: ( ) ( ) TR L P Q L = × ( ) ( ) 40 TR L Q L = × ( ) ( ) 40 40 4 L L TR L = × ( ) 2 400 10 TR L L L = b) Find vertex of the TR function 2 V b L a = − 400 20 2( 10) V L = − = workers 3) SOLVED IN CLASS
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4) Find the vertex of the function ( ) ( ) 10 12 9 f x x = x ( ) 2 120 10 9 9 f x x = x ( ) ( ) 120 9 6 10 2 2 9 V b x a = − = − = Now plug the vertex into the original f(x) ( ) ( ) 10 6 6 12 6 9 f =
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