total revenue equation TR = 5000Q – 5Q2 and total cost equation C = 500 + 3Q2 Calculate this firm’s profit maximizing price, quantity, total revenue, total cost, and total

Answer 1

Profit maximizing can be achieved using this formula MC=MR.

Differentiate TR to get MR= 5000-10Q
Differentiate TC to get MC=6Q

5000-10Q=6Q >> Q=312.50

Use the Q to get TR and TC.

To find total profit= TR-TC.