A firm knows that its marginal cost for a product is MC = 3x + 30, that its marginal revenue is MR = 62 - 5x, and that the cost of production of 60 units is $7,300. (a) Find the optimal level of production. x units (b) Find the profit function. P(x) = (c) Find the profit or loss at the optimal level. There is a of $ loss

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.