Question: Assume that a competitive firm has the total cost function: TC=1q340q2+890q+1800 Suppose the price of the firm's output (sold in integer units) is $600 per
Assume that a competitive firm has the total cost function: TC=1q340q2+890q+1800 Suppose the price of the firm's output (sold in integer units) is $600 per unit. Using tables (but not calculus) to find a solution, what is the total profit at the optimal output level? Please specify your answer as an integer. I have figured out the quantity of optimal output is 24 and the total revenue is 14,400. How can I calculate the total costs for each quantity to figure out the profits?
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