2.The marginal revenue of a firm is given by the following equation: MR(Q) = 22 +21Q + 16Q2 Where, Q represents the quantity produced. Also given, the total revenue of the firm, when they produce 5 units of output, is 50, i.e., TR(5) = 50. Calculate the firm's total revenue function. What is the value of the constant term in the total revenue function? Answer in two decimal places. Be careful about the sign. Calculate the total revenue of the firm when the firm produces 7 units of output. Answer in two decimal places.

2.The marginal revenue of a firm is given by the following equation: MR(Q) = 22 +21Q + 16Q2 Where, Q represents the quantity produced. Also given, the total revenue of the firm, when they produce 5 units of output, is 50, i.e., TR(5) = 50. Calculate the firm's total revenue function. What is the value of the constant term in the total revenue function? Answer in two decimal places. Be careful about the sign. Calculate the total revenue of the firm when the firm produces 7 units of output. Answer in two decimal places.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

ChapterB: Differential Calculus Techniques In Management

Section: Chapter Questions

Problem 1E

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