You Manage a firm that is a Monopoly in its industry (it is a Cell phone...

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You Manage a firm that is a Monopoly in its industry (it is a Cell phone chip manufacturer), and your Demand and Cost functions are: P=2000-6Q TC = 12,000 +4Q 1. Calculate your Total Revenue function 2. Using the above Total Revenue function calculated, and the Total Cost function given, use differentiation to calculate your Firm's Marginal Revenue and Marginal Cost functions. 3. Calculate your Firm's Profit maximizing Output level. What Price should your Firm charge at this profit Maximizing Quantity? 4. Calculate the Profit the firm makes at this Output and Price Combination You Manage a firm that is a Monopoly in its industry (it is a Cell phone chip manufacturer), and your Demand and Cost functions are: P=2000-6Q TC = 12,000 +4Q 1. Calculate your Total Revenue function 2. Using the above Total Revenue function calculated, and the Total Cost function given, use differentiation to calculate your Firm's Marginal Revenue and Marginal Cost functions. 3. Calculate your Firm's Profit maximizing Output level. What Price should your Firm charge at this profit Maximizing Quantity? 4. Calculate the Profit the firm makes at this Output and Price Combination

Answer rating: 100% (QA)

1 The total revenue TR function can be calculated by multiplying the quantity Q sold by the price P ... View the full answer