Find the benefit maximizing level of output

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A firm faces the following inverse demand equation for the commodity it produces: P = 100 – Q where P represents the price/unit of the commodity it produces and Q represents the level of output produced. The cost structure of this firm is summarized by the following Total Cost function: C = 1/3 Q3 – 7Q2 + 115.75Q + 20 where C represents the Total Cost of production.

Find the benefit (profit) maximizing level of output?

What are this firm’s maximum benefits (profits)?

Reference no: EM131236863

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