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 = 7qThis means that each unit costs more to produce than the previous one (e.g., the first unit costs 7*1, the secondunit (by itself) costs 7*2, etc.).If fixed costs are $80, what is the optimal integer output level?Please specify your answer as an integer.If fixed costs are $80, what is the profit at the optimal integer output level?Please specify your answer as an integer.

The objective of this question is to find the optimal integer output level and the profit at this…

Answered: Suppose that you can sell as much of a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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