Question: If fixed costs are 20, variable costs per unit are 4 and the demand function is P = 20-Q obtain an expression for pi (Profit,

If fixed costs are 20, variable costs per unit are 4 and the demand function is P = 20-Q

obtain an expression for \pi (Profit, \pi = TR-TC) in terms of Q and hence sketch its graph. (a) Find the levels of output which give a profit of 30. (b) Find the maximum profit and the value of Q at which it is achieved.

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