A firm's revenue function is R(q ) = 90q - 2q2. Its cost function is C(q ) = 104 + 6q + 1.5q2. R (q ) -2 q' 90 q C(q 1.5 q2 6 0 104 a) Calculate the levels of revenue, total cost, and profit for the firm for q = 0, 1, 2, . . ., 24. Determine the profit- maximizing output and the maximum profit for the firm. b) Use Excel to draw the graph of the profit curve and determine the profit-maximizing level of output. c) The firm's marginal revenue function is MR = 90 - 4q and the marginal cost function is MC = 6 + 3q . Calculate MR and MC for q = 0, 1, 2, .. ., 24. MR -4 q 90 MC a R C Profit, n MR MC R C Profit, r MR MC The maximum profit is and the profit-maximizing output b) c) Using the "MR = MC" rule gives profit-maximizing output. Problem Instructions +