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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

  1. 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:

  1. Total revenue function of the firm
  2. Profit function of the firm
  3. The critical values 0fQ1 andQ2 for profit maximization
  4. Suppose the firm behave as a monopolist, how would the answer in (iii) above change

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