Elucidate the price also quantity

Assignment Help Business Economics

Reference no: EM138583

Q. Based on market research, a recording
company obtains the following information about the demand and production costs
profits new CD:
Price = 1,000 - 10Q
Total Revenue = 1,000Q - 10Q2
Marginal Revenue = 1,000-20Q
Marginal Cost = 100 + 10Q

where Q indicates the number of copies sold and P is the price in cents.

(a) Elucidate the price also quantity that maximizes the company's profit.

(b) Elucidate the price also quantity that would maximize social welfare/total surplus.

Reference no: EM138583

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