2.Your firm has hiref an economist as a consultant.The ecinimist has estimated that your firm's marginal cost curve is MC=2x,where MC is marginal cost in pounds and x is output.
The economist has also estimated that your firm's marginal revenue curve is MR=30-4x,where MR is marginal revenue in pounds.
He also concludes in his report that when output is zero total cost is $4 and states that marginal cost is the first differential of total cost.
a. Find the equation of total cost.
b. If marginal revenue is defined as the fiest differential of total revebue find the equation of total revenue.
c. Profit, p,in pounds is defined as P=TR-TC,Using differential calculus find the profit maximizing output.
d. If average reveue is total revenue divided by output find the equation of average revenue.
e. Sketch marginal revenue,revenue and marginal cost on the same axes.