a. Determine equations for P=f(Q), MR-f(Q), ATC=f(Q, Q), AVC=f(Q, Q), MC=f(Q, Q). Recall that your marginal...

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a. Determine equations for P=f(Q), MR-f(Q), ATC=f(Q, Q), AVC=f(Q, Q), MC=f(Q, Q). Recall that your marginal equations should be derivatives of your totals! b. Determine the profit-maximizing price and quantity. (Since MC is in terms of Q, solving with calculus and algebra can be messy. Your table should give an exact answer.) c. How much total profit would your firm earn if you set P and Q according to part b? d. Describe the competitiveness of the market by calculating the Lerner index. a. Determine equations for P=f(Q), MR-f(Q), ATC=f(Q, Q), AVC=f(Q, Q), MC=f(Q, Q). Recall that your marginal equations should be derivatives of your totals! b. Determine the profit-maximizing price and quantity. (Since MC is in terms of Q, solving with calculus and algebra can be messy. Your table should give an exact answer.) c. How much total profit would your firm earn if you set P and Q according to part b? d. Describe the competitiveness of the market by calculating the Lerner index.

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a Equations for PfQ MRfQ ATCfQ Q AVCfQ Q MCfQ Q 1 Total Revenue TR P fQ where P is the price and Q i... View the full answer