A firm faces the following average revenue (demand) curve: P = 120 − 0.02Q where Q is weekly production and P is price, measured in cents per unit. The firm’s cost function is given by C = 60Q + 25,000. Assume that the firm maximizes profits. i. What is the level of production, price, and total profit per week? ii. If the government decides to levy a tax of 14 cents per unit on this product, what will be the new level of production, price, and profit?

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A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

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