A Firm's total revenue and total cost functions are given by,
TR=70Q
TC-10,000+4Q+0.0025Q2
Determine the profit maximizing price, level of output and maximum revenue, if the firm faces total profit constraint of 10,000.
(8 marks). show your workings
b) Explain why the objective of sales maximization subject to a minimum profit requirement may be said to be an operational means of pursuing long term profit maximization?
(7 marks)