Sketch, on the same diagram, graphs of the total revenue and total cost functions, TR = 2Q
Question:
Sketch, on the same diagram, graphs of the total revenue and total cost functions,
TR = −2Q2 + 14Q
TC = 2Q + 10
(1) Use your graphs to estimate the values of Q for which the firm
(a) Breaks even;
(b) Maximises profit.
(2) Confirm your answers to part (1) using algebra.
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The graphs of TR and TC are sketched in Figure 219 a TRTC 20 1402010 20 1...View the full answer
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