Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 12, 2024

Assume that a competitive firm has the total cost function: TC= 1q^3 - 40q^2 +890q +180 Suppose the price of the firm's output (sold in

Assume that a competitive firm has the total cost function:

TC= 1q^3 - 40q^2 +890q +180

Suppose the price of the firm's output (sold in integer units) is $600 per unit.

By creating tables (but not using calculus) with columns representing cost, revenue, and profit to find a solution, what is the total profit at the optimal output level?

Please specify your answer as an integer.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managing in a Global Economy Demystifying International Macroeconomics

Authors: John E. Marthinsen

2nd edition

128505542X, 978-1305176157, 1305176154, 978-1285055428

More Books

Students also viewed these Economics questions

Question

★★★★★

Like many other students at the University of Wisconsin-Madison, you like to escape from your cramped apartment to work on school projects at local coffee shops. With your wireless-equipped laptop,...

Answered: 1 week ago

Question

★★★★★

Allison owns and operates a small retail food store in a suburban shopping center. The store is insured for liability coverage under a businessowners policy. Explain whether the following situations...

Answered: 1 week ago

Question

★★★★★

Create operational definitions of three things you would like to measure. Include all component parts necessary to define the phenomena.

Answered: 1 week ago

Question

★★★★★

1. Develop an implementation plan that would be useful to the Training group in changing to a computerized project tracking system. Use a paragraph to explain your approach. Be sure that what you are...

Answered: 1 week ago

Question

★★★★★

Answered: 1 week ago

Question

★★★★★

Ineed help with year 1 and 2 . thank you On November 1 of Year 1. Drucker co. acquired the folliowing investments in equity secunities measured at FV.N. On December 31, the companys year-end, the...

Answered: 1 week ago

Question

★★★★★

A client comes into a bank and requests to make a bank deposit of $9000. Under the Proceeds of Crime and Terrorist Financing Act of 2000 what must the bank do to be compliant with legislation? Select...

Answered: 1 week ago

Question

★★★★★

In the country Gamma it takes 6 hours to produce one automobile and 1 hour to produce a bale of cotton. In the country Delta it takes 10 hours to produce one automobile and 2.5 hours to produce a...

Answered: 1 week ago

Question

★★★★★

I. Suppose that there are only 10 individuals in the economy each with the following utility function over present and future consumption : U (c1, c2) = c1 + 2 / 3 c2, where c1 is consumption today,...

Answered: 1 week ago

Question

★★★★★

QUESTION 10/12 Company A's total royalty expenses for a specific product vary based on the total revenue (dollars in thousand), shown as below: Which of the following statements is correct? 1 point...

Answered: 1 week ago

Question

★★★★★

The relativistic Doppler shift causes the light from a distant galaxy to be blue shifted by 5%. What is the speed of the galaxy relative to the earth?

Answered: 1 week ago

Question

★★★★★

The company has just hired a new marketing manager who insists that unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the...

Answered: 1 week ago

Question

★★★★★

3. What is my goal?

Answered: 1 week ago

Question

★★★★★

2. I try to be as logical as possible

Answered: 1 week ago

Question

★★★★★

1. To understand the prerequisites for personal communication mastery.

Answered: 1 week ago

Previous Question Next Question