Question: 2 1 Equilibrium is where quantity demanded is equal to quantity supplied 10002Q 100Q 900 3Q Q 300 P 400 2 Profit is maximized where

2 1 Equilibrium is where quantity demanded is equal to quantity supplied 10002Q 100Q 900 3Q Q 300 P 400 2 Profit is maximized where MR MC MR is equilibrium price of the market MR 400 MC dTCdq MC 12q 400 12q q 1995 Thus profit maximization output is 1995 and price is 400 Total revenue PQ TR 4001995 79800 TC putting Q 1995 TC 4009975 Profit TR TC Profit 3970025

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