The manufacturer of high-quality flatbed scanners is trying to decide what price to set for its product. The cost of production and the demand for the product are assumed to be as follows:
TC = 10,000 + 100Q + 0.02Q^2
Qd =20,000 - 100 P
a) Algebraically determine the short-run profit maximizing price and quantity.
b) algebraically determine the maximum profit accruable to the firm.
c) Determine algebraically the maximum revenue accruable to the firm
The maximum revenue accruable to firm is presented.