a) Calculate the output when profit is maximized b) Calculate the optimal price that maximizes profit c)
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Question:
a) Calculate the output when profit is maximized
b) Calculate the optimal price that maximizes profit
c) Determine the optimal sales revenue
d) Calculate the maximum profit
Demand function: P=60+2Q, where P is the unit selling price and Q is quantity of units in thousands.
Cost function: TC= 3Q2 - 2Q + 200, where TC is total costs in thousands of dollars.
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