Question: Assume that a competitive firm has a total function: TC= 1q^3 - 40q^2 + 770q + 1700 suppose the price of the firms output( sold

Assume that a competitive firm has a total function:
TC= 1q^3 - 40q^2 + 770q + 1700
suppose the price of the firms output( sold in integer units) is $600 per unit.
Create tables( but do not use calculus) with columns representing cost, revenue, and profit to find a solution.
1. How many units should the firm produce to maximize profit?
PLEASE SPECIFY YOUR ANSWER AS AN INTEGER.
2. What is the total profit at the optimal output level? PLEASE SPECIFY YOUR ANSWER AS AN INTEGER
Assume that a competitive firm has a total function:TC= 1q^3 - 40q^2

Assarne that a cenpetrive fire las ohat tatat rant fonsticel TC1q24q2+Tr0q+1700 sclution

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!