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(3) The demand curve of a firm is p=1200 – 2 lq and its total cost is C(q) = 2q° – 66q² +600g +1000 where q is the output of the firm (in thousands). (i) Derive an expression R(q), for the firm' s revenue function. (ii) Derive an expression II(g) for the firm' s profit function. (iii) Is the rate of change of profit increasing or decreasing when the output level of the firm is 10,000 units? (iv) Determine the level of output at which profit is maximized.

(3) The demand curve of a firm is p=1200 – 2 lq and its total cost is C(q) = 2q° – 66q² +600g +1000 where q is the output of the firm (in thousands). (i) Derive an expression R(q), for the firm' s revenue function. (ii) Derive an expression II(g) for the firm' s profit function. (iii) Is the rate of change of profit increasing or decreasing when the output level of the firm is 10,000 units? (iv) Determine the level of output at which profit is maximized.

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 18T
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(3) The demand curve of a firm is p=1200 – 2 lq and its total cost is C(q) = 2q° – 66q² +600g +1000 where q is the output of the firm (in thousands). (i) Derive an expression R(q), for the firm' s revenue function. (ii) Derive an expression II(g) for the firm' s profit function. (iii) Is the rate of change of profit increasing or decreasing when the output level of the firm is 10,000 units? (iv) Determine the level of output at which profit is maximized.
Transcribed Image Text:(3) The demand curve of a firm is p=1200 – 2 lq and its total cost is C(q) = 2q° – 66q² +600g +1000 where q is the output of the firm (in thousands). (i) Derive an expression R(q), for the firm' s revenue function. (ii) Derive an expression II(g) for the firm' s profit function. (iii) Is the rate of change of profit increasing or decreasing when the output level of the firm is 10,000 units? (iv) Determine the level of output at which profit is maximized.
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