A firm’s revenue function is R(q) = 90q − 2q². Its cost function is C(q) = 104 + 6q + 1.5q².

a. Using Excel, calculate the levels of revenue, total cost, and profit for the firm for q = 0, 1, 2, …, 24. Determine the profit-maximizing output and the maximum profit for the firm. 

b. Using Excel’s Charting tool, draw the graph of the profit curve and determine the profit-­maximizing level of output. 

c. The firm’s marginal revenue function is MR = 90 − 4q and the marginal cost function is MC = 6 + 3q. Using Excel, calculate MR and MC for q = 0, 1, 2, …, 24. Verify that the "MR = MC" rule determines the same profit-maximizing output as you found in part (a).