Chandra's Bookstore wants to find the price for maximum profit. The expense equation is E = = -3400p +30,000. The revenue equation is R=-1800p² +21,000p. Find the price for maximum profit. A. $52,688.89 B. $4.89 C. $6.78 D. $6.50
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- Explain the law of diminishing returns.asapMust complete chart and graph MR, MC, ATC, AVC, and where Q indicates max profit. FOR CHART, FIND: Mid-point AVG Quantity Total Revenue (pxQ) Fixed costs calculations Variable costs (wages x workers) Total Costs (TC) Total Profit (TR-TC) AVC (VC/Q) ATC (TC/Q) Marginal Revenue (MR) (change in TR/ change in Q) Marginal Cost (MC) (change TC/ change in Q) Change in profit (MR-MC)Indicate on the graph the areas that represent Total Revenue, Total Cost, and Profit.a. When P>ATCb. When P<ATCc. When P=ATC
