Essay
A firm in an oligopolistic industry has the following demand and total cost equations:
P = 600 - 20Q and TC = 700 + 160Q + 15Q2
Calculate:
a.quantity at which profit is maximized
b.maximum profit
c.quantity at which revenue is maximized
d.maximum revenue
e.maximum quantity at which profit will be at least $580
f.maximum revenue at which profit will be at least $580
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