New practice in market subject to the demand function

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Reference no: EM131391892

Use the following information for this question: You have decided to begin a new practice in a market subject to the demand function P = 250 - 5Q which would allow you to earn revenue at a marginal rate of MR = 250 - 10Q. You have determined your practice exists with a total cost of TC = 3Q2 + 15Q + 20 and a marginal cost of MC = 6Q + 15. Based on this information determine.

a. The quantity of products provided to this market

b. The maximum willingness to pay your consumers have for that many units (and thus the price you will charge)

c. The total amount of revenue your practice will generate

d. Your total production cost.

e. Your total profit.

Reference no: EM131391892

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