Question
The Burr Corporation’s total cost function (where TC is the total cost in dollars and Q is quantity) is TC = 200 + 4Q + 2Q^2
a. If the fi rm is perfectly competitive and the price of its product is $24, what is its optimal output rate?
b. At this output rate, what is its profitt?
a. If the fi rm is perfectly competitive and the price of its product is $24, what is its optimal output rate?
b. At this output rate, what is its profitt?