Question: The demand function for a good is given by the equation P= 50 2Q, while total cost is given by TC = 160 + 2Q

The demand function for a good is given by the equation

P= 50 2Q,

while total cost is given by

TC = 160 + 2Q

(a). Write down the equation for the profit.
(b). Find the value of Q when the firm breaks even.
(c). Determine the maximum profit and the value of output (Q) at which profit is maximum.

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