The demand function for a good is P = 60 - 0.5 Q.

The firm's total cost function to produce that good is given by the equation, TC = Q3 .

Write down the equations for total revenue and profit. Calculate the break-even points.

Estimate the total revenue and total costs at break-even.

Estimate the values of Q within which the firm makes (i) a profit (ii) a loss.

Estimate the maximum profit and the level of output for which profit is maximized.