Q3. A firm faces a demand function of the formP = 90 – 2Q?(a) Plot the graph for their total revenue(b) If the marginal cost is given by MC(Q) = 3Q² – 8Q + 7and TC(0) = 0, estimate the total profit if they produce 5units (round up the answers to 2 decimals)

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Answered: A firm faces a demand function of the…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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A firm faces a demand function of the form P = 90 – 2Q? (a) Plot the graph for their total revenue (b) If the marginal cost is given by MC(Q) = 3Q² – 8Q + 7 and TC(0) = 0, estimate the total profit if they produce 5 units (round up the answers to 2 decimals)