P2.6 Profit Maximization: Equations. Rochester Instruments, Inc., operates in the highly com-… 1 answer below »
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P2.6 Profit Maximization: Equations. Rochester Instruments, Inc., operates in the highly com- petitive electronics industry. Prices for its RII-X control switches are stable at $50 each. This means that P = MR = $50 in this market. Engineering estimates indicate that relevant total and marginal cost relations for the RII-X model are
TC = $78,000 + $18Q + $0.002Q2:
MC = DTC/DQ = $18 + $0.004Q
A. Calculate the output level that will maximize RII-X profit.
B. Calculate this maximum profit.
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