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What is the total profit at the optimal output level? Assume that a competitive firm has the total cost function: TC = Iq3 40q2 +
What is the total profit at the optimal output level?
Assume that a competitive firm has the total cost function: TC = Iq3 40q2 + 710q + 1700 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, what is the total profit at the optimal output level? Please specify your answer as an integer.
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