Economics - Ohter - Maximum Profit
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A steel producer has the following total cost:
TC = $187,500 + $5Q + $0.0003Q^2.
Q = tons of steel produced per month.
Calculate the firm's maximum profit if steel price is stable at $20 ton.
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Solution Summary
This solution helps calculate the firm's maximum profit if steel price is stable at $20 ton. A Complete, Neat and Step-by-step Solution is provided.
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MC(Q) = Derivative of TC(Q) with respect to Q = 5 + 0.0006Q
For a competitive firm, the maximum ...
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