Suppose a firm's total cost function is TC = 80+9Q-0.75Q^2+0.03Q^3TC (Q) = 80 +9Q -0.75 Q2...

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Suppose a firm's total cost function is TC = 80+9Q-0.75Q^2+0.03Q^3TC (Q) = 80 +9Q -0.75 Q2 + 0.03 Q 3. Suppose the competitive market price P is $12.48/unit. To the nearest $0.01, what is the firm's profit? To solve, you must use the fact that to maximize profit, the firm will set its output to satisfy P = MR = MC (Q)=dTC (Q) d Q. To solve for Q, you must rearrange so your equation has the form 0=aQ^2+bQ+cThen use the quadratic formula: Q = -b F^(1/2) [b 2 - 4 a c]/2 a [Hint: you can use F place in the equation.] Suppose a firm's total cost function is TC = 80+9Q-0.75Q^2+0.03Q^3TC (Q) = 80 +9Q -0.75 Q2 + 0.03 Q 3. Suppose the competitive market price P is $12.48/unit. To the nearest $0.01, what is the firm's profit? To solve, you must use the fact that to maximize profit, the firm will set its output to satisfy P = MR = MC (Q)=dTC (Q) d Q. To solve for Q, you must rearrange so your equation has the form 0=aQ^2+bQ+cThen use the quadratic formula: Q = -b F^(1/2) [b 2 - 4 a c]/2 a [Hint: you can use F place in the equation.]

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