Question
Suppose a firm's revenues, R(Q) , and costs, C(Q) , can be modeled by the following equations: R(Q) = 3,000 Q - 8 Q 2
Suppose a firm's revenues,R(Q), and costs,C(Q), can be modeled by the following equations:
R(Q)= 3,000Q- 8Q2
C(Q)= 100 + 2Q2
Calculate the level of output,Q, that results in maximum profit.
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Introductory Econometrics A Modern Approach
Authors: Jeffrey M. Wooldridge
4th edition
978-0324581621, 324581629, 324660545, 978-0324660548
