Total Costs for a firm are given by: TC = 3Q 2 + 5Q. Marginal Costs for that same firm are given by: MC = 2*3Q + 5.
Total Costs for a firm are given by: TC = 3Q2 + 5Q.
Marginal Costs for that same firm are given by: MC = 2*3Q + 5.
If this firm is operating in a perfectly competitive environment and is a price-taker, what would their total profits be if the market price was $32.28?
Hint: Remember the firms produce where MC = P. Their revenue is P*Q, and profits are revenue minus total costs.
Round your answer to two decimal places. Do not include a $ sign.
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