1. Commercial Recording, Inc. is a manufacturer and distributor of reel-to-reel recording decks for commercial recording
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1. Commercial Recording, Inc. is a manufacturer and distributor of reel-to-reel recording decks for commercial recording studios. Demand and cost relations are: P= 3,000 - 0.50 TC = 100,000 + 1,500Q + 0.102
d. Using the Total Revenue function in parta," calculate quantity, price, and profit at the revenue-maximizing level. Prove that "Q" maximizes revenues. e. What is your Average Cost function (AC = TC/Q)? f. Using the Average Cost function in part "h," calculate quantity, price, and profit at the average cost-minimizing activity level. Prove that "Q" minimizes average cost. 8. What are the conditions (rules) for profit maximization, revenue maximization, and average cost minimization?