Question: Demand function: P = 53 - Q Total Revenue function: TR = 53Q - Q2 Marginal Revenue: MR = 53 - 2Q Total cost function:

Demand function: P = 53 - Q

Total Revenue function: TR = 53Q - Q2

Marginal Revenue: MR = 53 - 2Q

Total cost function: TC = 1,000 + 5Q + Q2

Marginal cost function: MC = 5 + 2Q

Average cost function: AC = 1,000/Q + 5 + Q

Using the profit maximising level from the previous question above, the profit maximising Total Revenue will be:

(a) 492

(b) 352

(c) 406

(d) 390

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