MC= 40 = 0.005q?

Question

TR = P X Q = 70Q
Can some one help me solve these equations for econ,

Answer 1

MC means "marginal cost." Marginal cost means extra cost.

MC = 40 = 0.005Q (where Q (q) is the quantity of items)

The marginal cost is 40. To produce "one" extra item, the cost of that extra item is $0.005. So, if I'm assuming that the MC is $40, then the Q of items is going to be 8000 units (0.005 * 8000 = 40)

TR is the "Total Revenue." P*Q, where P is the Proffit ($) and Q is the quantity. So, let's say that we sold 60 units for 70. To calculate the TR, all we do is multiply $70 times 60 units.

Answer 2

Start by understanding what the equation's saying.

Total Revenue = Price x Quantity.
if TR = 70Q, that means Price = $70.

I'm not sure about what MC or "q" might mean in your second equation, but with 40 = 0.005q, "q" is easy to figure out, which means (if that stands for Quantity), you can also figure out TR.