1. Suppose a firm sells its output for P=20 - Q1000 Where Q is the quantity it produces and sells. Total costs is given by TC=5000+4Q What is the profit maximizing value for

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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1. Suppose a firm sells its output for
P=20 - Q1000
Where Q is the quantity it produces and sells. Total
costs is given by
TC=5000+4Q
What is the profit maximizing value for
production? At what price is this product sold for?
Use the MR=MC approach at the end of the
question.
Transcribed Image Text:1. Suppose a firm sells its output for P=20 - Q1000 Where Q is the quantity it produces and sells. Total costs is given by TC=5000+4Q What is the profit maximizing value for production? At what price is this product sold for? Use the MR=MC approach at the end of the question.
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