(Answered) Question the demand for product q is given by q 385

Engineering

Question: The demand for product Q is given by Q = 385 - P and the total cost of Q by

STC = 3000 + 40Q -5Q²+ 1/3Q²

(d) $338

1. What total profit will result from selling the quantity found in (c) at the price found in (d)? Remember, profit is TR - STC.

2. At what level of Q is revenue maximized? Remember let MR = 0 and solve for Q. MR = 0 signals the objective of maximizing revenue.

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