"Maximizing Revenue" Operating in a monopolistically competitive market structure and faces the following weekly demand and short-run cost functions:
VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000
P = 50-0.01Q and MR = 50-0.02Q
Where price is in $ and Q is in kilograms.
Describe what price should charge if the company wants to maximize revenue in the short run. Calculate the quantity that would be produced at this price and maximum revenue possible