A company has the following marginal revenue (MR) and marginal cost (MC) functions, where Q is the output level ( in 1000 units)
A) Assuming that TR=0, calculate the level of output which will maximize the company’s total revenue and the maximum level of total revenue earned.
B) If the company’s fixed costs are £100 per week, calculate the company’s total costs when it is producing 3,000 units of out put
C) Calculate the level of output which will maximize the company’s total profit