The profit of a firm is described by the following function: f(Q) = -4Q^3 +48Q^2 - 117Q - 100 where Q is the quantity produced a) Find the stationary points for this function b) Using the first derivative test, find for what value of Q is the profit maximised. c) Find the feasible values of Q where the graph of the profit function is concave up. Show working

The profit of a firm is described by the following function: f(Q) = -4Q^3 +48Q^2 - 117Q - 100 where Q is the quantity produced a) Find the stationary points for this function b) Using the first derivative test, find for what value of Q is the profit maximised. c) Find the feasible values of Q where the graph of the profit function is concave up. Show working

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 3SQ

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