1. A producer has a total cost function: TC = Q2 + 2Q + 66
The demand function is: Q = 10 - 0.2 P
Question:
a. Determine the average revenue (AR), marginal revenue (MR) and marginal cost (MC) functions.
b. What are the outputs and prices that maximize profits?
c. What is the maximum profit?

Answer rating: 100% (QA)

Given tcQ 2 2Q66 then mc2Q2 Given Q1002P Then ... View the full answer