Assume that a competitive firm has a total function:
TC= 1q³ - 40q² + 770q + 1700
suppose the price of the firms output( sold in integer units) is $600 per unit.
Create tables( but do not use calculus) with columns representing cost, revenue, and profit to find a solution.
1. How many units should the firm produce to maximize profit?
PLEASE SPECIFY YOUR ANSWER AS AN INTEGER.
2. What is the total profit at the optimal output level? PLEASE SPECIFY YOUR ANSWER AS AN INTEGER