Question
Assume that a competitive firm has the total cost function: TC = 1q^3 40q^2 + 880q + 2000 Suppose the price of the firm's output
Assume that a competitive firm has the total cost function:
TC = 1q^3 40q^2 + 880q + 2000
Suppose the price of the firm's output (sold in integer units) is $550 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?
Please specify your answer as an integer.
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Microeconomics
Authors: Roger A. Arnold
12th Edition
1285738306, 978-1285738307
