For the following total-revenue and total-cost functions of a firm:
TR = 22Q - 0.5Q ^ 2 ,
TC=\ Q^ 2 -8.5Q^ 2 +50Q+90
(a) Determine the level of output at which the firm maximizes its total profit. (b) Determine the
A)
Differentiating TR yields;
Differentiating TC yields;
The level of output at which the firm maximizes its total profit is;
MR=MC
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