A firm's profit function is ( π(q) = R(q) - C(q) = 160q - (540 + 20q + 10q²) ). What is the positive output level that maximizes the firm's profit (or minimizes its loss)? What is the firm's revenue, variable cost, and total cost at this output level?
a) 8 units; $1,280; $340; $880
b) 10 units; $1,600; $400; $1,000
c) 12 units; $1,920; $480; $1,420
d) 14 units; $2,240; $560; $1,840
