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The demand and total cost functions for a product are: P = 20 2Q. TC = 8 + 2Q. (a) Derive expressions for i. marginal

The demand and total cost functions for a product are:

P = 20 2Q.

TC = 8 + 2Q.

(a) Derive expressions for

i. marginal cost

ii. total revenue

iii. marginal revenue

iv. profit

(b) Determine the values of Q for which Total Revenue is a maximum. What is the maximum Total Revenue to the nearest dollar?

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