A firm's profit function is (q) = R(q)-C(q)= 140q-(410+20q+ -10q²). What is the positive output level that maximizes the firm's profit (or minimizes its loss)? What is the firm's revenue, variable cost, and profit? Should it operate or shut down in the short run? The output level at which the firm's profit is maximized is q = (Enter your response as a whole number.) At this level of output, the firm's revenue (R) is $. (Enter your response as a whole number.) At the profit-maximizing level of output, the firm's variable cost (VC) is $. (Enter your response as a whole number. Profit (x) is $. (Enter your response as a whole number and include a minus sign if necessary.) The firm should in the short run.
A firm's profit function is (q) = R(q)-C(q)= 140q-(410+20q+ -10q²). What is the positive output level that maximizes the firm's profit (or minimizes its loss)? What is the firm's revenue, variable cost, and profit? Should it operate or shut down in the short run? The output level at which the firm's profit is maximized is q = (Enter your response as a whole number.) At this level of output, the firm's revenue (R) is $. (Enter your response as a whole number.) At the profit-maximizing level of output, the firm's variable cost (VC) is $. (Enter your response as a whole number. Profit (x) is $. (Enter your response as a whole number and include a minus sign if necessary.) The firm should in the short run.
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
ChapterB: Differential Calculus Techniques In Management
Section: Chapter Questions
Problem 5E
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