a) A profit maximising firm has a marginal cost function given by MC = 6Q2-10Q+12 and a marginal revenue function given by MR = 100-2Q. i) Find expressions for the firm's Total Revenue and Total Cost functions in terms of Q. ii) Find the profit maximising level of output if the firm's fixed costs

a) A profit maximising firm has a marginal cost function given by MC = 6Q2-10Q+12 and a marginal revenue function given by MR = 100-2Q. i) Find expressions for the firm's Total Revenue and Total Cost functions in terms of Q. ii) Find the profit maximising level of output if the firm's fixed costs

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section: Chapter Questions

Problem 1SQ

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Question

a) A profit maximising firm has a marginal cost function given by
and a marginal revenue function given by
MC=6Q²-10Q+12
MR = 100-2Q.
i) Find expressions for the firm's Total Revenue and Total Cost
functions in terms of Q.
ii) Find the profit maximising level of output if the firm's fixed costs
of production are zero.

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