Question: How do you work these out ? The marginal revenue, MR, for a firm is given by: MR = 1 + 4Q - Q2 and

How do you work these out ?

The marginal revenue, MR, for a firm is given by: MR = 1 + 4Q - Q2 and the marginal cost, MC, is given by: MC = 2 i. Find the expression for the Profit n. [5 marks] ii. Find the change in Total Revenue and in Total Cost if pro- duction increases from Q=3 to Q=5 [5 marks] iii. Should the firm increase production from Q=3 to Q=5? [5 marks

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