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Question: The demand for product Q is given by Q = 385 - P and the total cost of Q by
STC = 3000 + 40Q -5Q2 + 1/3Q2
(c) 47 units
(d) $338
1. What total profit will result from selling the quantity found in (c) at the price found in (d)? Remember, profit is TR - STC.
2. At what level of Q is revenue maximized? Remember let MR = 0 and solve for Q. MR = 0 signals the objective of maximizing revenue.
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Extra Credit for Database Project wk8
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