A firm produces and sells a product in both the domestic and foreign market. The market demand functions are given as Q1 = 1200 10P1 (Domestic market) and Q2 = 800 10P2 (foreign market) where Q1 and Q2 are the quantities sold in the respective markets at prices P1 and P2 respectively. The firms total cost function is given by TC = 0.05Q2 + 10000 and Q = Q1 + Q2a) Determine the quantities and prices that maximize the firms profits. (5 marks)b) What is the maximum profit for the firm? (5 marks)
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