Question: 1. A producer has a total cost function: TC = Q2 + 2Q + 66 The demand function is: Q = 10 - 0.2 P

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?

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