Write an expression for the average revenue received

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Reference no: EM131481718

Question: 1. A firm has to pay fixed costs of £200 and then £16 labour plus £5 raw materials for each unit produced of good X. Write an expression for average cost and simplify.

2. A firm sells 40% of its output at £200 a unit, 30% at £180 and 30% at £150. Write an expression for the average revenue received on each unit sold and then simplify it.

Reference no: EM131481718

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