Professor Bong has just written the first textbook in Punk Economics. It is called Up Your Isoquant. Market research suggests that the demand curve for this book will be Q = 2, 000 − 100P, where P is its price. It will cost $1,000 to set the book in type. This setup cost is necessary before any copies can be printed. In addition to the setup cost, there is a marginal cost of $4 per book for every book printed.
(a) The total revenue function for Professor Bong’s book is ________.
(b) The total cost function for producing Professor Bong’s book is _________.
(c) The marginal revenue function is MR(Q) = _______ and the marginal cost function is MC(Q) = ______. The profit-maximizing quantity of books for professor Bong to sell is Q∗ = ______.