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Use the information below to answer the following four questions. Demand function: P=60+2Q, where P is the unit selling price and Q is quantity of
Use the information below to answer the following four questions.
Demand function: P=60+2Q, where P is the unit selling price and Q is quantity of units in thousands.
Cost function: TC= 3Q2 - 2Q + 200, where TC is total costs in thousands of dollars.
Calculate the output when profit is maximized
a.
21,000 units
b.
17,000 units
c.
31,000 units
d.
33,000 units
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