A firm has revenue given by R(q) = 280g - 30 and its cost function is C(g) = 500 + 10q. What is the profit-maximizing level of output? What profit does the firm earn this output level? The firm maximizes profit by producing q=| (Enter your response as a whole number)

A firm has revenue given by R(q) = 280g - 30 and its cost function is C(g) = 500 + 10q. What is the profit-maximizing level of output? What profit does the firm earn this output level? The firm maximizes profit by producing q=| (Enter your response as a whole number)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A firm has revenue given by
R(q) = 280q - 3q²
and its cost function is
C(q) = 500 + 10q.
What is the profit-maximizing level of output? What profit does the firm earn at this output level?
The firm maximizes profit by producing
q =
=|| (Enter your response as a whole number.)

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