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3. Consider a market where the linear demand for a product is given by p = 20 - =q. The cost to produce q units
3. Consider a market where the linear demand for a product is given by p = 20 - =q. The cost to produce q units of this product is given by the function C(q) = 14q + 30. a) Find the revenue and profit function. b) Calculate the maximum revenue. What is the profit-maximizing production quantity? What is the amount of revenue obtained at the profit-maximizing quantity level? Calculate the break-even quantity
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