Question: RCT Instruments, Inc. operates in a highly competitive industry. The price its remote control device (switches) is stable at $ 140 each. The engineering

RCT Instruments, Inc. operates in a highly competitive industry. The price its remote control device (switches) is stable at $ 140 each. The engineering department estimates the relevant total cost and marginal cost of this instrument as follows: TC = 540,000+ 20 Q + 0.0025 Q MC = 20 +0.005 Q a. Calculate the profit-maximizing output of this firm. b. Calculate the firm's maximum profit.

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