In: Economics
Assume that a competitive firm has the total cost function: TC=1q3−40q2+890q+1800 Suppose the price of the firm's output (sold in integer units) is $600 per unit. Using tables (but not calculus) to find a solution, what is the total profit at the optimal output level? Please specify your answer as an integer. STUDENT NOTE: I already know the answer, but can you help me with how to calculate the numbers under Total Cost. I know where 2651 comes from but I dont understand how to get the rest under this column.
Q | TC | MC |
0 | 1800 | |
1 | 2651 | 851 |
2 | 3428 | 777 |
3 | 4137 | 709 |
4 | 4784 | 647 |
5 | 5375 | 591 |
6 | 5916 | 541 |
7 | 6413 | 497 |
8 | 6872 | 459 |
9 | 7299 | 427 |
10 | 7700 | 401 |
11 | 8081 | 381 |
12 | 8448 | 367 |
13 | 8807 | 359 |
14 | 9164 | 357 |
15 | 9525 | 361 |
16 | 9896 | 371 |
17 | 10283 | 387 |
18 | 10692 | 409 |
19 | 11129 | 437 |
20 | 11600 | 471 |
21 | 12111 | 511 |
22 | 12668 | 557 |
23 | 13277 | 609 |
24 | 13944 | 667 |