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Developing demand and cost schedules

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Reference no: EM132092566

The Bramwell Corporation has estimated its demand function and total cost function to be as follows:

Q= 25 - 0.05P TC = 700 + 200Q

Answer the following questions either by developing demand and cost schedules. (hint: Use quantities from 1 to 14) or by solving the equations.

What will be the price and quantity if Bramwell wants to

Maximize profits?

Maximize revenue?

Maximize revenue but require the profit to be a minimum of $300?

I know that to solve I can change the equations to

= 25-Q/ .05       P= 500-20Q

TR= P X Q      TR= (500-20Q)Q    TR= 500Q- 20Q2 TR = 500-40Q

Reference no: EM132092566

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