Question
Assume that a competitive firm has the total cost function: TC= 1q^3-40q^2 + 770q + 1700 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 + 770q + 1700
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, how many units should the firm produce to maximize profit?
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Essentials of Econometrics
Authors: Damodar Gujarati, Dawn Porter
4th edition
73375845, 978-0071276078, 71276076, 978-0073375847
