Illustrate what sales output and price should it set

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1. Suppose that a firm sells in a competitive market at a fixed price of R12. the firm's cost function is given as C=200+4Q.on basis of this information, how can the firm use marginal revenue and marginal cost optomize its profits.

2. A manager vegetables market astimates the demand curve for vegetables to be, P=16-4Q. cost are given by C=200+20Q. the former owner urges the manager to keep prices low so as to increase sales and maximize revenue. if the current management follows the owner;s goal, illustrate what sales output and price should it set? what strategy would you recommend.

Reference no: EM1353254

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