Question
Assume the following for a firm: Demand function: P = 53 - Q Total Revenue function: TR = 53Q - Q2 Marginal Revenue: MR =
Assume the following for a firm: Demand function: P = 53 - Q Total Revenue function: TR = 53Q - Q2 Marginal Revenue: MR = 53 - 2Q Total cost function: TC = 1,000 + 5Q + Q2 Marginal cost function: MC = 5 + 2Q Average cost function: AC = 1,000/Q + 5 + Q The profit maximising level of output will be:
(a) 11
(b) 12
(c) 13
(d) 14
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The American Economy
Authors: Walter Greason, William Gorman
1st Edition
1524902675, 9781524902674
