Answered: a. What is the firm's marginal revenue?…

a. What is the firm's marginal revenue? b. What is the firm's marginal cost? c. Find the firm's profit maximizing quantity where MR d. Find the firm's profit-maximizing price and profit = MC

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

2. Suppose a firm faces demand of Q = 300 - 2P and has total cost function of
TC = 75Q+Q².
a. What is the firm's marginal revenue?
b. What is the firm's marginal cost?
c. Find the firm's profit maximizing quantity where MR = MC
d. Find the firm's profit-maximizing price and profit

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