1.Calculate the midpoint price elasticity of demand using the price of $5 and $7. The demand function is:
Q = 1,500 - 200P
Where Q is quantity demanded and P is price.
2.A new company estimates fixed costs for its product of $50,000 per year and average variable costs of:
AVC=$0.5+$0.0025Q,
Where AVC is average variable cost (in dollars) and Q is output.
Calculate total cost and average total cost for the projected first-year volume of 20,000 units.
3.Calculate profit from the following demand and total cost functions at output level of 160 units:
Q = 448 - 16P
TC = 1000 + 5 Q
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