Qd=88 000-200P+ 0.3M-1000PR MC 90 +0.09Q TVC = 48Q TFC = 650 000 where Quis quantity demanded, P is price, M is income, and Pe is the price of a related good. The firm expects income to be $90 000 and PR to be $5. The Marginal Revenue Function is MR = Q The profit-maximizing choice of output is units. The profit-maximizing price is $ The firm's profit is $

Qd=88 000-200P+ 0.3M-1000PR MC 90 +0.09Q TVC = 48Q TFC = 650 000 where Quis quantity demanded, P is price, M is income, and Pe is the price of a related good. The firm expects income to be $90 000 and PR to be $5. The Marginal Revenue Function is MR = Q The profit-maximizing choice of output is units. The profit-maximizing price is $ The firm's profit is $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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