Answer to Question #332245 in Macroeconomics for Jceka

Question

A firm's demand and total cost functions for a good are 4P+Q-16=0 and TC = 4+2Q-((3Q^2)/10)+((Q^3)/20) respectively.

() What level of output, Q, should the firm produce if it wants to maximize profit)

() Show that at the point of maximum profit, MR = MC.

Answer 1

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