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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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