The manufacturer of high-quality flatbed scanners is trying to decide what price to set for its product. The costs of production and the demand for the product are assumed to be as follows:
TC=500,000+0.85Q+0.015Q^2
Q=14,166-16.6P
a. Determine the short-run profit-maximizing price.
b. Plot this information on a graph showing AC, AVC, MC, P, and MR