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Your company has estimated its total cost to be TC = 130,000 + 6Q + 0.007Q 2 ; its marginal cost is thus MC =
Your company has estimated its total cost to be TC = 130,000 + 6Q + 0.007Q2; its marginal cost is thus MC = 6 + 0.014Q, where Q is the quantity of units produced and TC is in dollars. Since your market is relatively competitive, your company is able to sell its output for $83 each (which thus yields MR = 83 and TR = 83Q). c. What are the total revenue, total cost, and profit (net benefit/net revenue/etc.) from selling the optimal number of units?
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