Question: The Lumins Lamp Company, a producer of old-style oil lamps, estimated the following demand function for its product:

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.

a. Write an equation for the total revenue (TR) function in terms of Q.

b. Specify the marginal revenue function.

c. Write an equation for the total cost (TC) function in terms of Q.

d. Specify the marginal cost function.