Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(a) The profit function is $pi(Q)=24 Q-Q^{2}-5$. Find the marginal profit, and find the value $2^{*}$ of $Q$ that maximizes profits. (b) The revenue function

image text in transcribed

(a) The profit function is $\pi(Q)=24 Q-Q^{2}-5$. Find the marginal profit, and find the value $2^{*}$ of $Q$ that maximizes profits. (b) The revenue function is $R(Q)=500 Q-\frac{1}{3} Q^{3}$. Find the marginal revenue. (c) Find marginal cost when $C(Q)=-Q^{3}+214.2 Q^{2}-7900 Q+320700$. (This particular cost function is mentioned in Example 4.7.1.) S.P.PB. 348

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Beginning VB.NET Databases

Authors: Thearon Willis

1st Edition

1594864217, 978-1594864216

More Books

Students also viewed these Databases questions