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. Define Q to be the level of output produced and sold and assume that the firm’s cost function is given by the relationship.TC=20+5Q+Q^2Furthermore assume that the demand for the output of the firm is a function of the price P given by the relationshipQ=25-Pa. Define total profit as the difference between total revenue ant total costs, and express in terms of Q and total profit function for the firm. (Note Total revenue equals price per unit ties the number of units sold)b. Determine the output level where total profits are maximized.c. Calculate total profits and selling price at the profit maximizing output leveld. If fixed costs increase on the profit maximizing output level and toil profits.
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