Consider a market with the following inverse demand function, p = 140 - 3Q and constant marginal cost = 20.   1. Write down the total revenue (TR) function and the marginal revenue (MR) function (in terms of Q).   2. Write down the total cost (TC) function and the marginal cost function.   3. Find the profit maximizing quantity and price.   4. What is the firm’s profit?

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