Short run total cost function is TC = 200 + 10Q + 0.1Q2.
Marginal revenue is $500 for each unit.
What is the profit maximizing quantity to produce? (Hint: solve for MC = MR or MC = $500 using your derived MC function.)
My answer was 2,150. Is this correct?
Short-run total cost function is TC = 200 + 10Q + 0.1Q2.
Marginal revenue is $500 for each unit.
What rounded value is closest to the maximum profit at the optimal profit maximizing quantity?
My answer was. $500,000. Is this correct?