1. Given: TC = 800 + 10g +1.5q; Price = 100 a. Identify the output level (q*) that will maximize the profit of the firm. b. Calculate the firm's profit. If Price falls to 40, c. Identify the new profit- maximizing output level. d. Assess if the firm gaining profits or incurring losses and how much. e. Justify why the firm should continue to produce at this price or not.

1. Given: TC = 800 + 10g +1.5q; Price = 100 a. Identify the output level (q*) that will maximize the profit of the firm. b. Calculate the firm's profit. If Price falls to 40, c. Identify the new profit- maximizing output level. d. Assess if the firm gaining profits or incurring losses and how much. e. Justify why the firm should continue to produce at this price or not.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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