The marginal revenue of a firm is given by the following equation: MR(Q) = 22 + 21Q + 16Q2 Where, Q represents the quantity produced. Also given, the total revenue of the firm, when they produce 5 units of output, is 50, i.e., TR(5) = 50. Calculate the firm's total revenue function. What is the value of the constant term in the total revenue function? Answer in two decimal places. Be careful about the sign.
The marginal revenue of a firm is given by the following equation: MR(Q) = 22 + 21Q + 16Q2 Where, Q represents the quantity produced. Also given, the total revenue of the firm, when they produce 5 units of output, is 50, i.e., TR(5) = 50. Calculate the firm's total revenue function. What is the value of the constant term in the total revenue function? Answer in two decimal places. Be careful about the sign.
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 21P
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![The marginal revenue of a firm is given by the
following equation: MR(Q) = 22 + 21Q + 16Q2
Where, Q represents the quantity produced.
Also given, the total revenue of the firm, when
they produce 5 units of output, is 50, i.e., TR(5)
= 50.
Calculate the firm's total revenue function. What
is the value of the constant term in the total
revenue function?
Answer in two decimal places. Be careful about the sign.
Calculate the total revenue of the firm when the
firm produces 7 units of output.
Answer in two decimal places.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F792bf6c2-46e9-4d64-9707-7ffb8b11a891%2F484282c0-01f8-46ad-95bc-eed7b9d8dbad%2Fwl4kdmn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The marginal revenue of a firm is given by the
following equation: MR(Q) = 22 + 21Q + 16Q2
Where, Q represents the quantity produced.
Also given, the total revenue of the firm, when
they produce 5 units of output, is 50, i.e., TR(5)
= 50.
Calculate the firm's total revenue function. What
is the value of the constant term in the total
revenue function?
Answer in two decimal places. Be careful about the sign.
Calculate the total revenue of the firm when the
firm produces 7 units of output.
Answer in two decimal places.
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