Question
A firm has the following total-cos and demand functions: C=1/3Q^3-7Q^2+111Q+50 Q=100-P A. Does the total-cost function satisfy the coefficient restrictions of (9.5)? B. Write out
A firm has the following total-cos and demand functions:
C=1/3Q^3-7Q^2+111Q+50
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 profit (pie sign) in terms of Q.
D. Find the profit-maximizing level of output Q*.
E. What is the maximum profit?
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Environmental And Natural Resource Economics
Authors: Thomas H Tietenberg, Lynne Lewis
10th Edition
1315523965, 9781315523965
