Output
Revenue Total Cost Profit
1 90 20+1+(1) ² = 22 90-22=68
2 160 20+2+(2) ² =26 160-26=134
3 210 20+3+(3) ² =32 210-32=178
4 240 20+4+(4) ² =40 240-40=200
5 250 20+5+(5) ² =50 250-50=200
6 240 20+6+(6) ² =62 240-62=172
7 210 20+7+(7) ² =76 210-76=134
8 160 20+8+(8) ² =92 160-92=68
9 90 20+9+(9) ² =110 110-90=20
10 0 20+10+(10) ² =130 130-0=0
a) Complete the table and determine the profit-maximizing level of output.
b) Based on answer to part (a), what would happen to the firm in the long run?