economics
kcal714Find the inverse demand equation. Having found that, find the Total Revenue function for your firm (TR is P x Q). From your firm’s Total Revenue function, then find your Marginal Revenue (MR) function.
Use the profit maximization rule MR = MC to determine your optimal price and optimal output level now that you have market power.
TC = 160,000,000 + 100Q + 0.0063212Q^2
VC = 100Q + 0.0063212Q^2
MC= 100 + 0.0126424Q
Supply function Q = -7909.89 + 79.0989P
Demand function Q = 38650 - 42P
P = (38650/42) - Q/42
P= 920.24-0.024Q
Please show steps so I can understand how to solve this.
10 years ago
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