Answer to Question #153118 in Economics for Meera jacob

Question

Given below is the TC of a firm
TC=100+50q -12q^2+q^3
Calculate the level of output

Answer 1

$$TR=pq$$

$$MR=p$$

$$MC=50-24q+3q^2$$

$$MC=MR$$

$$3q^2-24q+50-p=0$$

$$q=4+\frac{\sqrt{3p-6}}{3} or q=4-\frac{\sqrt{3p-6}}{3}$$