3. A firm has the following total-cost and demand functions: C = }Q – 7Q? + 111Q+50 %3D Q = 100 P (a) Does the total-cost function satisfy the coefficient restrictions of (9.5)? (b) Write out the total-revenue function R in terms of Q. (c) Formulate the total-profit function 7 in terms of Q. (d) Find the profit-maximizing level of output Q*. (e) What is the maximum profit?

3. A firm has the following total-cost and demand functions: C = }Q – 7Q? + 111Q+50 %3D Q = 100 P (a) Does the total-cost function satisfy the coefficient restrictions of (9.5)? (b) Write out the total-revenue function R in terms of Q. (c) Formulate the total-profit function 7 in terms of Q. (d) Find the profit-maximizing level of output Q*. (e) What is the maximum profit?

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 2E

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