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Given the following total-revenue and total cost functions of a firm. TR- 22Q-0.5Q TC=1/3 Q2-8.5Q2 +50Q +90 Where, TR Total revenue TC Total cost

Given the following total-revenue and total cost functions of a firm. TR- 22Q-0.5Q TC=1/3 Q2-8.5Q2 +50Q +90 Where, TR Total revenue TC Total cost Q Quantity of output Determine the level of output at which the firm maximises its total profit. . b. Determine the maximum profit that the firm could earn.

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