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A firm in a perfectly competitive market produces and sells two goods Q1 andQ2 priced at Kshs. 150 and 200 respectively. The firm's total cost
- A firm in a perfectly competitive market produces and sells two goods Q1 andQ2 priced at Kshs. 150 and 200 respectively. The firm's total cost function is given as: TC=5Q12+5Q1Q2+2Q2
Find:
- Total revenue function of the firm
- Profit function of the firm
- The critical values 0fQ1 andQ2 for profit maximization
- Suppose the firm behave as a monopolist, how would the answer in (iii) above change
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