Question: Assume that a competitive firm has the total cost function: TC=1q 3 40q 2 +820q+1900 TC=1q3-40q2+820q+1900 Suppose the price of the firm's output (sold in

Assume that a competitive firm has the total cost function:

TC=1q

3

40q

2

+820q+1900

TC=1q3-40q2+820q+1900

Suppose the price of the firm's output (sold in integer units) is $650 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?
  2. What is the total profit at the optimal output level?

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