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Hello, can you please solve this microeconomics question. Thanks and much appreciated ! A firm's profit function is It(q) = R(q) - C(q) = 180q
Hello, can you please solve this microeconomics question. Thanks and much appreciated !
A firm's profit function is It(q) = R(q) - C(q) = 180q - (515 + 40q + 10q2). What is the positive output level that maximizes the firm's profit (or minimizes its loss)? What is the firm's revenue, variable cost, and profit? Should it operate or shut down in the short run? The output level at which the firm's profit is maximized is q = . (Enter your response as a whole number.) At this level of output, the firm's total revenue is $ . (Enter your response as a whole number.) At the profit-maximizing level of output, the firm's total variable costs are $ . (Enter your response as a whole number.) Profit (It) is $ . (Enter your response as a whole number and include a minus sign if necessary.) The firm should in the short runStep by Step Solution
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