You own and operate a fruit stand. Your marginal cost curve is MC = .006Q. Your fixed costs equal $10. Your demand curve is given by P = .5 - .002Q, where P is in dollars and Q is in pounds of fruit.
1. Obtain your marginal revenue curve.
2. Determine the profit maximizing price and quantity.
3. Determine your profit.
4. Determine consumer surplus at the profit maximizing P and Q.