(15 points) Consider the following firm problem: Demand is given by Q% =70 P, and the cost function is given by C@=0Q-Q*~5Q+7 a) (5 points)
(15 points) Consider the following firm problem: Demand is given by Q% =70 P, and the cost function is given by C@=0Q-Q*~5Q+7 a) (5 points) Write the revenue function and then formally state the firm's problem (using optimization notation as done in class) b) (10 points) Using the FOC find the optimal level of production for the firm. Vernfy this 1s optimal using an appropriate second order condition
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