please answer the third one ,no handwriting please makes it hard to read (3)The demand curve of a firm is p=1200-21g and its total cost isC(q) = 24-66q +600q+1000 where q is the output of the firm (in thousands).()Derive an expression R(g), for the firm' s revenue function.(ii)Derive an expression II(q) for the firm' s profit function.(iii) Is the rate of change of profit increasing or decreasing when the output level of the firm is10,000 units?(iv) Determine the level of output at which profit is maximized.

(3) The demand curve of a firm is p=1200-21g and its total cost is C(@)= 2g-66q +600g +1000 where q is the output of the firm (in thousands). () Derive an expression R(g), for the fim' s revenue function. (ii) Derive an expression II(q) 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?

(3) The demand curve of a firm is p=1200-21g and its total cost is C(@)= 2g-66q +600g +1000 where q is the output of the firm (in thousands). () Derive an expression R(g), for the fim' s revenue function. (ii) Derive an expression II(q) 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?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

ChapterB: Differential Calculus Techniques In Management

Section: Chapter Questions

Problem 5E

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