A firm faces the following linear inverse demand for its product P = 60 – 2Q. a) Find the firm’s total revenue function TR (Q). (4 marks) b) Find the expression for the firm’s marginal revenue. (2 marks) c) Assuming that the marginal cost of production is given by MC=8. What will be the equilibrium output and price? (4 marks)

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A firm faces the following linear inverse demand for its product P = 60 – 2Q.
a) Find the firm’s total revenue function TR (Q). (4 marks)
b) Find the expression for the firm’s marginal revenue. (2 marks)
c) Assuming that the marginal cost of production is given by MC=8. What will be the equilibrium output and price? (4 marks)

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