1.The demand function for a good is given as Q = 60-P. Fixed costs associated with producing that good are 150 and each unit produced costs an extra 7.

(i)Obtain an expression for total revenue and total costs in terms of Q

(ii)For what values of Q does the firm break even?

(iii)Obtain an expression for profit in terms of Q and sketch its graph

(iv)Use the graph to confirm your answer to (ii) and indicate based on the graph the level of output in which profit is maximized.