Answered: [F] The profit function of a business…

[F] The profit function of a business firm is T = f(q) = -q³ + 6q² – 11q – 50. ,3 | (i) What output q should the business firm produce to maximize the profit?

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter21: Costs And The Supply Of Goods

Section: Chapter Questions

Problem 5CQ

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Question

[F] The profit function of a business firm is
1 3
T = f(q) = -³ + 6q² – 11q – 50.
(i) What output q should the business firm produce to
maximize the profit?
(ii) What is the maximum profit the business fırm can
generate?

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