Mega Tyres Ltd is the sole producers and suppliers of tyres in a certain country for which

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Mega Tyres Ltd is the sole producers and suppliers of tyres in a certain country for which the market demand function is:

Q = 7,500 – 50P

Where the price, P, is in US$ per tyre

Mega Tyre Ltd cost function is: C = 320 -3.5Q + 0.3Q²

Currently Mega Tyre Ltd produces at the point at which it maximizes revenue; determine the output level and market price.

Determine how much more profit Mega Tyre would have made if it maximizes profit instead of revenue.

Determine the output level at which average cost is a minimum.

Posted Date: Dec 14, 2021 05:31 AM

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Mega Tyres Ltd is the sole producers and suppliers of tyres in a certain country for which

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Expert Answer:

W TR P Q Q7500SOP 50p7500Q 50 50 50 P 15019 50 TR15019 Q ... View the full answer

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