(Answered) What is firm MR function

Economics

Problem: You are the manager of a firm that has an exclusive license to produce your product. The inverse market demand curve is P = 350 - 20Q. Your cost function is C(Q) = 10 + 30Q. Be sure to show your work as you answer questions a through f.

Required:

What is your firm's MR function?
What is your firm's MC function?
How much should your firm produce?
What price should your firm charge?
What will profits be in the short run be?
Carefully explain what you except to happen to profits in the long run.

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Microeconomics, Economics

Category:- Microeconomics
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