profits

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A firm’s total cost and marginal cost functions are: TC = 10 Q2 + 2 Q – 2 and MC = 20 Q + 2. Assume that the market price is 62 and that the marginal revenue (MR) is also 62 at all output levels. If the firm is currently producing 3 unit of output, what are profits for this firm?

a.

Profit is 92

b.

Profit 42

c.

Profit is 186

d.

None of the other choices

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