(Answered) The total profit of a firm is given byprofit total revenue

Economics

The total profit of a firm is given by

Profit = Total Revenue - Total Cost

Suppose that Total Revenue = 120Q and Total Cost = 20 + 50Q where Q, the quantity sold, is a (approximately) normal random variable with expected value 30 and variance 5. That is Qis N(30,5)

What is the expected value of total profit?

What is the variance of total profit?

What is the standard deviation of total profit?

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Business Economics, Economics

Category:- Business Economics
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