Compute all answers in (Solver) Excel, and show your equations. Q1. Assume: TC = 5...

Compute all answers in (Solver) Excel, and show your equations.

Q1. Assume:

TC = 5 + 2q + .5q²

P = 20 – 3q

What is the profit max price, q, TR, cost?

Expert Solution

Let the profit function be PR = PQ - TC or PR = 20q - 3q^2 - 5 - 2q - 0.5q^2

This is simplified to PR = 18q - 3.5q^2 - 5

The results are shown below

Rahul Sunny answered 3 weeks ago

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