A firm in an oligopolistic industry has the following, Ask an Expert

Economics

A firm in an oligopolistic industry has the following demand and total cost equations:

P = 800 – 20Q and TC = 500 + 100Q + 10Q2

Calculate the following show your work:

a. price and quantity at which revenue is maximized, using the total revenue function with first order condition and verifying your choice of Q resulting at a maximum with the second order condition

b. maximum revenue

c. price and quantity that maximizes revenue at which profit will be at least $3,000

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91236154

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