The Lumins Lamp Company, a produce of old-style oil lamps, estimated the following demand function for its product:

Q = 120,000 - 10,000P

Where Q is the quantity demanded per year and P is the price per lamp. The firm's fixed cost are $12,000 and variable costs are $1.50 per lamp.

a.equation for the total revenue (TR) function in term of Q.

b.Specify the marginal revenue function.

c.equation for the total cost (TC) function in terms of Q.

d.Specify the marginal cost function.

e.equation for the total profit (in term of Q. At what level of output (Q) are total profit maximized? What price will be charged? What are total profits at this output level?

f.Check your answer in part (e) by equating the marginal revenue and marginal cost functions, determined in Parts (b) and (d), and solving for Q.

g.What model of market pricing behavior has been assumed in this problem?