If the firm produces 60 units of output what are profits or, Operation Management

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If the firm produces 60 units of output what are profits or

You have the follwoing information for a firm:

TR = 200 Q – Q2 (this is Q squared, NOT Q*2)

MR = 200 – 2 Q

TC = 1000 - 8 Q + Q2 (this is Q squared, NOT Q*2)

MC = - 8 + 2 Q

a. If the firm produces 60 units of output, what are profits or losses for this firm?

b. Is the firm maximizing profits producing Q = 60? If not, what is the profit-maximizing level of output produced? c. Prove that your answer to part b represents the profit maximizing output produced.

d. What are maximum profits?

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