Question: Given the demand function Q = 20-0.2P, and the total cost function TC = 50+20Q, calculate the following: (a) Average revenue (AR) (b) Total revenue

Given the demand function Q = 20-0.2P, and the total cost function TC = 50+20Q, calculate the following: (a) Average revenue (AR) (b) Total revenue (TR) (c) Marginal revenue (MR) (d) Marginal benefit (MB) (e) Total benefit (TB) (f) Average cost (AC) (g) Marginal cost (MC) (h) Total profit (TP) (i) Marginal profit (MP) (j) Total net benefit (TNB) (k) Marginal net benefit (MNB) (l) Maximum total profit (TPmax) (m) Maximum total revenue (TRmax) (n) Maximum total net benefit (TNBmax) (o) Price elasticity value when Q = 14

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