Assume that a competitive firm has the total cost function: TC=1q 3 40q 2 +880q+2000 TC=1q3-40q2+880q+2000 Suppose
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Question:
Assume that a competitive firm has the total cost function:
TC=1q
3
40q
2
+880q+2000
TC=1q3-40q2+880q+2000
Suppose the price of the firm's output (sold in integer units) is $550 per unit.
Create tables (but do not use calculus) with columns representing cost, revenue, and profit to find a solution.
1)How many units should the firm produce to maximize profit?
Please specify your answer as an integer.
2)What is the total profit at the optimal output level?
Please specify your answer as an integer.
Please type nswers in order and correct rounding
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