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The demand for a firm's product and the firm's cost function are given below. Demand: Q = 40 - 2P The firm's total cost
The demand for a firm's product and the firm's cost function are given below. Demand: Q = 40 - 2P The firm's total cost function is: C(Q) = 5+2Q 1) Find the firm's inverse demand function. 2) Find the firm's total revenue function. 3) Find the firm's marginal revenue function. 4) Find the firm's marginal cost function. 5) Solve for the profit-maximizing output and price for this firm. 6) Calculate the firm's profit:
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Managerial Economics and Business Strategy
Authors: Michael R. baye
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