Cindy's demand function for her legal services is given by the equation Q = 5000 20P, where Q represents the number of 1-hour sessions per year and P represents the price of each session. Her marginal revenue function is MR = 250 - 0.01Q. Cindys operation has no fixed costs, but she incurs a cost of $500 per session ( going to the clients house). What is Cindys yearly profit?

Cindy's demand function for her legal services is given by the equation Q = 5000 20P, where Q represents the number of 1-hour sessions per year and P represents the price of each session. Her marginal revenue function is MR = 250 - 0.01Q. Cindys operation has no fixed costs, but she incurs a cost of $500 per session ( going to the clients house). What is Cindys yearly profit?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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