![Using the figure, find the profit-maximizing quantity of output when the market equilibrium price of the good is $40. Then calculate the total profit of the firm. | Homework.Study.com Using the figure, find the profit-maximizing quantity of output when the market equilibrium price of the good is $40. Then calculate the total profit of the firm. | Homework.Study.com](https://homework.study.com/cimages/multimages/16/untitled-18620353942410248379.jpg)
Using the figure, find the profit-maximizing quantity of output when the market equilibrium price of the good is $40. Then calculate the total profit of the firm. | Homework.Study.com
![SOLVED: 1. Identify the profit maximizing price and quantity. 2. Calculate the total revenue at the profit maximizing price and quantity. 3. Calculate the profit or loss at the profit maximizing price SOLVED: 1. Identify the profit maximizing price and quantity. 2. Calculate the total revenue at the profit maximizing price and quantity. 3. Calculate the profit or loss at the profit maximizing price](https://cdn.numerade.com/ask_images/ea75ea95ab164e1586179e3ebe8fd547.jpg)
SOLVED: 1. Identify the profit maximizing price and quantity. 2. Calculate the total revenue at the profit maximizing price and quantity. 3. Calculate the profit or loss at the profit maximizing price
![Section 4: Profit Maximization Using a Purely Competitive Firm's Cost and Revenue Curves | Inflate Your Mind Section 4: Profit Maximization Using a Purely Competitive Firm's Cost and Revenue Curves | Inflate Your Mind](https://inflateyourmind.com/wp-content/uploads/2011/06/add6uc2.jpg)