15. Assume that an entrepreneur's short-run total cost function is C = q3 – 10q? + 17q + 66. Determine the output level at which he maximizes profit if p = 5. Compute the output elasticity of cost at this output.

15. Assume that an entrepreneur's short-run total cost function is C = q3 – 10q? + 17q + 66. Determine the output level at which he maximizes profit if p = 5. Compute the output elasticity of cost at this output.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section: Chapter Questions

Problem 9WNG

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15. Assume that an entrepreneur's short-run total cost function is C = q3 – 10q? + 17q + 66.
Determine the output level at which he maximizes profit if p = 5. Compute the output
elasticity of cost at this output.

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