If fixed costs are 25, variable costs per unit are 2 and the demand function is P = 20 - Q Obtain an expression for p in terms of Q and hence sketch its graph. (a) Find the levels of output which give...

P = 20 - Q

Obtain an expression for p in terms of Q and hence sketch its graph.

(a) Find the levels of output which give a profit of 31.

(b) Find the maximum profit and the value of Q at which it is achieved