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Assume that the demand for the new, Mets jersey, is given by the function: P = 1000 - .008Q Marginal Revenue (MR) is given by

Assume that the demand for the new, Mets jersey, is given by the function:

P = 1000 - .008Q

Marginal Revenue (MR) is given by the function:

MR = 1000 - 0.016Q

If the Marginal Cost (MC) is constant at $50.00, answer the following:

What is the profit-maximizing number of jerseys produced?

What price will they sell at?

What is profit?

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