Problem
Sam can sell all of the output he wants at a price of $1000. He has the following cost function:
TC = 200,000 + 80Q + .08Q2
Calculate the profit maximizing quantity.
Calculate the maximum profits of the firm.
Graph the demand, marginal revenue, marginal cost and average cost functions.
Shade in the area that represents the profits of the firm.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.