This is another problem from my math homework, and I have no clue how to solve it. I have attached a photo of the homework question, as well as a summary of the equations provided to us. My homework is due at 5, please help me! You sell Trivets. The formulas for total revenue and total cost (in dollars) at q Trivets are:TR(q)=-0.25q²+30qTC(q)=17.5q+100.a.) Recall that the formulas for marginal revenue and marginal cost are given by:MR(g)= TR(q+1)-TR(g) and MC(q)=-1TC(q+1)-TC(q)Find and simplify the formulas for MR(q) and MC(q) for selling and producing Trivets.MR(q)=and MC(q)=b.) What quantity maximizes profit? Round to the nearest whole Trivet.| Trivetsc.) Find the quantity at which MR exceeds MC by $6.25.Trivetsd.) Find the quantity at which average revenue (AR(q)) is $16 per Trivet.| Trivetse.) Find the quantity at which average cost (AC(q)) is $21.50 per Trivet.Trivets 318.4SummarySuppose you produce and sell Things. The following table summarizes the terms we'velearned so far relating to revenue and cost. Assume you are given a graph of total costTC(q) and total revenue TR(q) for producing and selling q Things.GraphicalInterpretationRelated equations andTermDefinitionformulasthe total amount you spendto produce q Thingstotal costTC(q)TC(q) = VC(q) + FCthe money you spend toproduce q Things withoutincluding fixed coststhe graph of VC has thesame shape as TC and goesthrough the originvariable costVC(q)VC(q) = TC(q) – FCthe money you must spendeven if you produce 0 Things;the vertical distance betweenFC = TC(q) – VC(q)FC = TC(0)fixed costthe TC and VC graphs OR the"y"-intercept of the TC graphFCalso known as overheadtotal cost averaged over thenumber of Things producedthe slope of the diagonal linethrough the TC graph at qaverage costAC(q)TC(q)AC (q)averagevariable costvariable cost averaged overthe number of Thingsthe slope of the diagonal linethrough the VC graph at qVC(q)AVC(q)qAVC(q)producedthe slope of the least steepdiagonal line that intersectsthe TC graphbreakeventhe smallest value of averagepriceВЕРcostthe slope of the least steepdiagonal line that intersectsthe VC graphshutdownthe smallest value of averagepricevariable costSDPthe incremental rate ofmarginal costMC(q)(see footnote)the slope of the secant linethrough TC (or VC) at qand q +1MC(q)TC(q+1)–TC(9)change in TC from q to q +1Thingstotal revenuethe total amount you receiveTR(q)when you sell q Thingsaveragetotal revenue averaged over thenumber of Things sold; alsoknown as price per Thingthe slope of the diagonal linethrough the TR graph at qAR(q) =TR(q)revenueAR(9)the slope of the secant linethrough the TR graph at qand q +1the incremental rate ofmarginalrevenue MR(q) | change in TR from q to q +1(see footnote)MR(q) =TR(q+1)-TR(q)Thingsthe money you are left withafter subtracting total costfrom total revenuethe vertical distance betweenprofitP(q)TR and TC (whenTR>TC)Р() — TRa) — TC()NOTE: If q is measured in hundreds or thousands of Things, the definitions, formulas, andgraphical interpretations of marginal revenue and marginal cost must be adjusted appro-priately.

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Answered: sell Trivets. The formulas for total…

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...