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Nada Adobe corporation is a firm operating in a purely competitive market environment in the short run. Assume that Nada Adobe corporation faces the following total revenue and total cost functions:
Total revenue: TR =8Q
Total cost: TC= Q2 + 4Q + 2
a. Determine the marginal revenue and the marginal cost
b. Determine Profit function of Q
c. What is the value of Q that maximize the profit.( take the derivative of the profit with respect to Q, set it equal to zero and solve for the profit-maximizing level of Q)
e. What other method we can use to max profit and what is the Q in this case?
The assignment in management is a two part assignment dealing 1.Theory of function of management. 2. Operations and Controlling.
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