2.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.

2.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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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