Q.No.3. Consider the production function: (3) Y = 0.75X + 0.0042X2 – 0.000023X3 (a) At what level of X, the output will be maximum? (b) If input price is 0.15$ and output price is 4$ then at what level of X, profit will be maximum?
Q.No.3. Consider the production function: (3) Y = 0.75X + 0.0042X2 – 0.000023X3 (a) At what level of X, the output will be maximum? (b) If input price is 0.15$ and output price is 4$ then at what level of X, profit will be maximum?
Chapter10: Cost Functions
Section: Chapter Questions
Problem 10.6P
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Q.No.3. Consider the production function: (3)
Y = 0.75X + 0.0042X2 – 0.000023X3
(a) At what level of X, the output will be maximum?
(b) If input price is 0.15$ and output price is 4$ then at what level of X, profit will be maximum?
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