Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume that a competitive firm has the total cost function: TC=1q340q2+890q+1800 Suppose the price of the firm's output (sold in integer units) is $600 per

Assume that a competitive firm has the total cost function: TC=1q340q2+890q+1800 Suppose the price of the firm's output (sold in integer units) is $600 per unit. Using tables (but not calculus) to find a solution, what is the total profit at the optimal output level? Please specify your answer as an integer. I have figured out the quantity of optimal output is 24 and the total revenue is 14,400. How can I calculate the total costs for each quantity to figure out the profits?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Historical Perspectives On The American Economy Selected Readings

Authors: Robert Whaples, Dianne C Betts

1st Edition

0521466482, 9780521466486

More Books

Students also viewed these Economics questions