ABC Company Ltd. Has approximated the marginal revenue function for one of its products by MR = 20x – 2x2 . The marginal cost function is approximated by MC = 81 – 16x + x2 . Determine the profit maximizing output, the total profit, the total revenue function, and demand function.

Answer rating: 100% (QA)

Given that MR 20x 2x2 81 16 2 At equilibrium MR MC 20x 2x2 81 16x x 3x2 3... View the full answer