Question
1. The demand equation of a good is given by P+2Q=20 and the total cost function is Q3-8Q2+20Q+2 a) Find the level of output that
1. The demand equation of a good is given by P+2Q=20 and the total cost function is
Q3-8Q2+20Q+2
a) Find the level of output that maximizes total revenue.
b) Find the maximum profit and the value of Q at which it is achieved. Verify that, at this value of Q, MR=MC.
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Classics In Game Theory
Authors: Harold William Kuhn
1st Edition
1400829151, 9781400829156
