Question
In a fake economy with small quantities, a firm has demand equation Q = 20 - P and total cost equation C = 5 +2Q
In a fake economy with small quantities, a firm has demand equationQ = 20 - Pand total cost equationC = 5 +2Q2.The firm must sell an integer amount of its product and charge the same price per unit of output to all buyers.Calculate profit-maximizing values for the following:(You must type your answers directly into eCourses, and clearly label each answer, to receive any credit for them.You must also show your calculations to receive any credit for your answers; if you wish, you can attach an Excel file that contains your supporting calculations.)
a) Price
b) Quantity
c) Total revenue
d) Profit margin
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