3. Maximize the following total revenue TR and total profit functions by i. finding the critical valu(s), ii. testing the second-order conditions, and iii. calculating the maximimum TR of t. a. π =-Q³-50² +2000Q - 326 b. =-Q³-60²+1440Q-545

3. Maximize the following total revenue TR and total profit functions by i. finding the critical valu(s), ii. testing the second-order conditions, and iii. calculating the maximimum TR of t. a. π =-Q³-50² +2000Q - 326 b. =-Q³-60²+1440Q-545

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

3. Maximize the following total revenue TR and total profit functions by
i. finding the critical valu(s),
ii. testing the second-order conditions, and
iii. calculating the maximimum TR of it.
a. π = -Q³-50² +2000Q - 326
b. π = -Q³-6Q² + 14400-545

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