TC=3q^2-10q+50
1.Calculate marginal cost
2. Determine profit maximization in the short run
3. Calculate short run economic profit or loss
To find the marginal cost, we need to find the derivative of the cost function TC with respect to quantity (q):
1. Marginal cost (MC) = dTC/dq
dTC/dq = d(3q^2-10q+50)/dq
= 6q - 10
Therefore, the marginal cost is MC = 6q - 10.
To determine profit maximization in the short run, we need to find the quantity where marginal cost equals marginal revenue (MR). Unfortunately, the marginal revenue information is missing from the given information. Without knowing the MR function or demand function, we cannot determine the profit maximization point.
To calculate short-run economic profit or loss, we need the additional information on revenue or price.