(Solution Library) The Lumins Lamp Company, a producer of old-style oil lamps, estimated the following demand function for its product: Q = 120,000 - 10,000P
Question: The Lumins Lamp Company, a producer of old-style oil lamps, estimated the following demand function for its product:
Q = 120,000 - 10,000P
where Q is the quantity demanded per year and P is the price per lamp. The firm's fixed costs are $12,000 and variable costs are $1.50 per lamp.
- Write an equation for the total revenue (TR) function in terms of Q.
- Specify the marginal revenue function.
- Write an equation for the total cost (TC) function in terms of Q.
-
Specify the marginal cost function.
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