Solved: Calculate profit-maximizing price-output combination, Microeconomics

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Calculate profit-maximizing price-output combination

Question:

Market demand and cost revenue relations:

P=$5000 -$0.25Q
MR=$5000 - $0.5Q^2(squared)
TC=$6,000,000 + $500Q +$0.5Q^2(squared)
MC+$500+$1Q
Marginal cost: $150 per unit, OSHA mandated safety feature

Q1. Calculate profit-maximizing price/output combination and economic profit level before installation of the OSHA mandated shielding equipment

Q2. Calculate same after the OSHA guidelines have been met. Who pays the economic burden of meeting OSHA guidelines?

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Microeconomics: Calculate profit-maximizing price-output combination

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Microeconomics: Calculate profit-maximizing price-output combination

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