I am starting an economics class and I am not understanding the dynamic of the practice question. I am given this: TR=20Q TC=75+10Q+0.01Q (after 0.

(after 0.01Q it is squared, I just can’t find the ability to make it squared here)

I would like each part of the equation explained so I can answer the following:

a. What is this firm’s total profit equation?

b. What is the firm’s marginal revenue equation?

c. What is the firm’s marginal cost equation?

d. At what level of output is total profit maximized?

e. How much profit is earned?

I understand how to solve for MR, MC, TP, and I understand when MR is equal to MC, that is the level output for TP max. I just dont understand what the equation for TR and TC mean, if I can be explained that, then I can get that ahh-haa moment. thanks.

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