Marginal cost for producing

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Suppose that you can sell as much of a product (in integer units) as you like at $60 per unit. Your marginal cost (MC) for producing the qth unit is given by: MC=7q This means that each unit costs more to produce than the previous one (e.g., the first unit costs 7*1, the second unit (by itself) costs 7*2, etc.). If fixed costs are $100, what is the profit at the optimal output level? Please specify your answer as an integer. Also, assume that a competitive firm has the total cost function: TC = 1q3 - 40q2 + 840q + 1800 Suppose the price of the firm's output (sold in integer units) is $750 per unit. Using tables (but not calculus) to find a solution, what is the total profit at the optimal output level? Please specify your answer as an integer.

Reference no: EM131172949

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