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A firm manufactures and sells a product that has the following demand function: Q = 180 - 4P where P is price, Q is quantity. It also faces the following total cost (TC) function:
TC =0.033Q2 + 15Q+150 where Q is quantity produced. (i) Determine the firm's profit function.
(ii) Using your profit function measured in part (i) find the level of output where the firm maximises its profit.
Can you explain the basic introduction of this methodology?
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A firm has the following inverse demand function: where Q is Quantity and P is Price (a) Find the firm's marginal revenue function. (b) Find the level of out
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