Question: Hi, please could you provide a step-by-step solution to the following question: Assume SeatComfy plc produces table and chairs with the following total cost function,
Hi, please could you provide a step-by-step solution to the following question:
Assume SeatComfy plc produces table and chairs with the following total cost function, TC=10,000+10Q+0.1Q2, where Q=quantity of chairs produced. If SeatComfy can sell as many chairs it wishes at the current market price of $45, how many chairs should it produce to maximize its short-run profits?
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