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A manufacturer produces and sells small farm tractors. Its annual fixed costs are $10 million, and its marginal cost per tractor is $10,000 per unit. Demand for small tractors is given by: P = 20,000 - Q, where P denotes price in dollars and Q is annual sales. Find the firm's profit-maximizing output, price, and annual profit.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M938087

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