Question: The market supply function is P = 10 + 2Q. The capacity level is Qc = 30. Graph the supply function and mark Qc. Given

The market supply function is P = 10 + 2Q. The capacity level is Qc = 30. Graph the supply function and mark Qc. Given this information, answer the two questions below.

(1) The market price is PM = 20. Compute Total Cost TC(20), Total Revenue TR(20), and Profit (20).

(2) The market price is PM = 90. Compute Total Cost TC(90), Total Revenue TR(90), and Profit (90).

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