shop which sells T-shirts has a demand function and a total cost function given by the equations P = 240 − 10Q and TC = 120 + 8Q (a) Write down the equations for TR and profit. (b) Calculate the number of T-shirts which must be sold to maximize (i) profit, (ii) total revenue. (c) Write down the equations for MR and MC

Managerial Economics: A Problem Solving Approach
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Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter7: Economies Of Scale And Scope
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A shop which sells T-shirts has a demand function and a total cost function given by the equations

P = 240 − 10Q and TC = 120 + 8Q

(a) Write down the equations for TR and profit.

(b) Calculate the number of T-shirts which must be sold to maximize (i) profit, (ii) total revenue.

(c) Write down the equations for MR and MC.

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