The total revenue and cost functions of a firm are as follows, respectively: TR(Q) = 10Q – 1,5 Q2 TC(Q)= 1,5Q2 Calculate the profit maximizing production level, price and total profit according to the following situations. Discuss the likely outcome/expectation for each situation. a. Find the firm's profit maximizing production level and profit, price and total revenue at this level. b. Find the income-maximizing production level and the profit, price, and total income at that level.

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