# (Solved): The Lumins Lamp Company, a producer of old-style oll lamps, estimated the following demand function ...

The Lumins Lamp Company, a producer of old-style oll lamps, estimated the following demand function for its product: Where is the quantity demanded per year and is the price per lamp. The firm's fixed costs are and variable costs are per iamp. What is the total revenue (TR) function in terms of ? What is the marginal revenue (M9) tunction? What is the total cost (TC) function in terms of Q? What is the marginal cost (MC) function? Which of the following is an equation for total profits in terms of Q? Profits are maximized when output is and the price is Total profits at this level are What model of market pricing behavior has been assumed in this problem? Profits are maximized when output is and the price is Total profits at this level are What model of market pricing behavior has been assumed in this problem? Pure competition Monopoly

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Given,Q=120,000?10,000P ?10,000P=120,000?Q?P=120,00010,000?Q10,000?P=12?Q10,000 -(i)Fixed costsFC=$12,000Variable costsVC=$1.50 per lamp ×Q=1.50Qa