2.The marginal revenue of a firm is given by the following equation: MR(Q) = 22 +21Q + 16Q2 Where, Q represents the quantity produced. Also given, the total revenue of the firm, when they produce 5 units of output, is 50, i.e., TR(5) = 50. Calculate the firm's total revenue function. What is the value of the constant term in the total revenue function? Answer in two decimal places. Be careful about the sign. Calculate the total revenue of the firm when the firm produces 7 units of output. Answer in two decimal places.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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2.The marginal revenue of a firm is given by the following equation: MR(Q) =
22 +21Q + 16Q2 Where, Q represents the quantity produced. Also given, the
total revenue of the firm, when they produce 5 units of output, is 50, i.e.,
TR(5) = 50. Calculate the firm's total revenue function. What is the value of
the constant term in the total revenue function? Answer in two decimal
places. Be careful about the sign. Calculate the total revenue of the firm
when the firm produces 7 units of output. Answer in two decimal places.
Transcribed Image Text:2.The marginal revenue of a firm is given by the following equation: MR(Q) = 22 +21Q + 16Q2 Where, Q represents the quantity produced. Also given, the total revenue of the firm, when they produce 5 units of output, is 50, i.e., TR(5) = 50. Calculate the firm's total revenue function. What is the value of the constant term in the total revenue function? Answer in two decimal places. Be careful about the sign. Calculate the total revenue of the firm when the firm produces 7 units of output. Answer in two decimal places.
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