Say the number of units of a product (Q) consumers desire can be expressed by the equation Q = 5 - 0.5P. Note Q is a function of P = price of the product.

Let's say the total cost for the firm here can be expressed as 2Q (say it out loud that TC = 2Q).

Use Excel and the Solver tool to find the Q that maximizes profit for the firm. Get the answer report and explain in words where on the report you find the optimal Q and the final value for profit.

Then fill in the blanks. The price the firm will charge is .........................., with total revenue of .................................. and total cost of ........................ at the optimal Q.

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