1. A writer receives royalty payments of 15 percent of total revenue from the sale of their book. Because their royalty income is tied to revenue, not profit, they want to maximize total revenue. However, the publisher's objective is to maximum profit. If the total revenue function is TR=100,0000 -10Q² and the total cost function TC = 10,000+20Q+Q² Determine, a. What is the output that will maximize total revenue? Numeric Response

1. A writer receives royalty payments of 15 percent of total revenue from the sale of their book. Because their royalty income is tied to revenue, not profit, they want to maximize total revenue. However, the publisher's objective is to maximum profit. If the total revenue function is TR=100,0000 -10Q² and the total cost function TC = 10,000+20Q+Q² Determine, a. What is the output that will maximize total revenue? Numeric Response

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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