(3) The demand curve of a firm is p=1200-21g and its total cost is C(q) = 24 -66q +600q+1000 where q is the output of the firm (in thousands). (6) Derive an expression R(g), 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=1200-21g and its total cost is C(q) = 24 -66q +600q+1000 where q is the output of the firm (in thousands). (6) Derive an expression R(g), 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.
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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