A mining industry has the following total cost and total revenue functions:
Total cost = TC = 50 + 100q - 6q2 + $$\frac{1}{3}$$ q3
Total revenue = TR = 64q
Where q is the output of mine in tonne/day
The profit will be maximized for what level of production?
A. 4
B. 6
C. 8
D. 10
Answer: Option B
This Question Belongs to Mining Engineering >> Mine Economics
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