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Giant Screen TV, Inc, is a manufacturer and distributor of high-resolution 50-inch television monitors and consoles for individual and commercial customers. Revenue and cost relations are:
TR = $4,500Q - 0.1Q^2
MR = $4,500 - 0.2Q
TC = $2,000,000 + $1,500Q + 0.5Q^2
MC = $1,500 + $Q
A. Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level.
B. Compute these values at the profit-maximizing activity level.
C. Compare and discuss your answers to part A and B.
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