given the demand curve, find marginal revenue curve
given total cost curve, find the marginal cost curve
equate marginal revenue to marginal cost
given quantity produced, find corresponding price associated with the quantity produced (demand curve)
determine revenues
determine costs
calculate profits
MR = 20-4Q
MC = 8
MR = MC
P = 20-2(3) = 14
PQ = 14(3) = 42
TC (Q) = 8(3) = 24
profits = 18
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