What is the maximum profit a firm can make

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Question: 1. Explain why a firm which is a monopoly seller in a market with the demand schedule p = 66.8 - 0.4q and which faces the total cost schedule TC = 220 + 120q - 12q2 + 0.5q can never make a positive profit.

2. What is the maximum profit a firm can make if it faces the demand schedule p = 660 - 3q and the total cost schedule TC = 25 + 240q - 72q2 + 6q3?

3. If a firm faces the demand schedule p = 53.5 - 0.7q, what price will maximize profits if its total cost schedule is TC = 400 + 35q - 6q2 + 0.1q3?

Reference no: EM131482197

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