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Output level produced by the profit-maximizing firm

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Reference no: EM132421733

Problem: The market demand function is given the following equation: P = 1600 - Q where Q is the industry's output level.

Suppose initially this market is served by a single firm. Let the total cost function of this firm be given the function C(Q) = 80Q. The firm's marginal cost of production (MC) is equal to the firm's average cost (AC): MC = AC = 80.

Required:

Question: What is the output level produced by the profit-maximizing firm in this industry?

Reference no: EM132421733

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