Rhing a small firm, and you have an estimate of both your cost function and your demand curve. Your cost function is TC-791-12q+3q^2, while your inverse demand curve is P-1,088-0.1q, where P is the price of one unit of your output and q is the quantity of units produced and sold. If you wanted to maximize profit, what quantity would you produce? Please round your answer to the nearest whole number (i.e., no decimal places).

Rhing a small firm, and you have an estimate of both your cost function and your demand curve. Your cost function is TC-791-12q+3q^2, while your inverse demand curve is P-1,088-0.1q, where P is the price of one unit of your output and q is the quantity of units produced and sold. If you wanted to maximize profit, what quantity would you produce? Please round your answer to the nearest whole number (i.e., no decimal places).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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