The firm's total cost function is given by the equation TC=200+3Q and the demand function is P=107-2Q.
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Question:
The firm's total cost function is given by the equation TC=200+3Q and the demand function is
P=107-2Q.
a. Write down the equation of the total revenue function (TR)
b. Graph the total revenue function for 0 maximum c. Plot the total cost function on the diagram in part b. Estimate the break-even point from the graph. Confirm your answer algebraically. d. State the range of values of Q for which the company makes profit.
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