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Given equation and questions I need answered are attached. Below are the answers to previous questions (A-C) on this assignment. a. TR = 220Q - Q^2 b. MC = 80 - 60 + Q^2 c. Value of Q that maximizes profit = 14

Given equation and questions I need answered are attached. Below are the answers to previous questions (A-C) on this assignment. a. TR = 220Q - Q^2 b. MC = 80 - 60 + Q^2 c. Value of Q that maximizes profit = 14

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Given equation and questions I need answered are attached.

Below are the answers to previous questions (A-C) on this assignment.

a. TR = 220Q - Q^2
b. MC = 80 - 60 + Q^2
c. Value of Q that maximizes profit = 14

d. Use the price function found in (a) to determine the price per unit that will need to be charged at the Q found in (c). This will be the price you should ask per unit for each unit of Q that maximizes total profit. e. How much total profit will result from selling the quantity found in (c) at the price found in (d)? Remember: profit is TR - STC. f. At what level of Q is revenue maximized? Remember, let MR = 0 and solve for Q. MR = 0 signals the objective of maximizing revenue.
Transcribed Image Text:d. Use the price function found in (a) to determine the price per unit that will need to be charged at the Q found in (c). This will be the price you should ask per unit for each unit of Q that maximizes total profit. e. How much total profit will result from selling the quantity found in (c) at the price found in (d)? Remember: profit is TR - STC. f. At what level of Q is revenue maximized? Remember, let MR = 0 and solve for Q. MR = 0 signals the objective of maximizing revenue.
The demand for product Q is given by Q = 220-P and the total cost of Q by: STC -1000+800-3Q²+Q¹
Transcribed Image Text:The demand for product Q is given by Q = 220-P and the total cost of Q by: STC -1000+800-3Q²+Q¹
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