Question: You are informed that total revenue (TR) is a function of output (Q) and total cost (TC) is a different function of output (Q);

You are informed that total revenue (TR) is a function of output

You are informed that total revenue (TR) is a function of output (Q) and total cost (TC) is a different function of output (Q); derive the first and second order conditions for profit maximization of the firm. (ii) We know that a firm with MC=0 and MR=-2Q+10 is producing at Q-5. Which of the following must be true? a. b. C. d. The firm is profit maximizing. The firm is maximizing its revenue The firm is profit maximizing as well as maximizing its revenue The firm is neither profit maximizing nor maximizing its revenue

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