(a) If the demand function of a good is given by P = 80 3Q find...
Question:
(a) If the demand function of a good is given by
P = 80 − 3Q
find the price when Q = 10, and deduce the total revenue.
(b) If fixed costs are 100 and variable costs are 5 per unit, find the total cost when
Q = 10.
(c) Use your answers to parts (a) and (b) to work out the corresponding profit.
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