SOLVED: A firm has the following total-cost and total revenue functions. What is the profit-maximizing level of output (Q*)? € = 1/3Q^3 7Q^2 111Q 50, R = 100Q, Q > 0. a. 3 b. 17 c. 11 d. 19.3
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SOLVED:At its best possible output level, a firm has total revenue of 3,500 per day and total cost of 7,000 per day. What should this firm do in the short run if: a. the firm has total fixed costs of 3,000 per day? b. the firm has total variable costs of 3,000 per day?
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