The profit of a firm is described by the following function: f(Q) = -4Q^3 +48Q^2 - 117Q - 100 where Q is the quantity produced a) Find the stationary points for this function b) Using the first derivative test, find for what value of Q is the profit maximised. c) Find the feasible values of Q where the graph of the profit function is concave up. Show working
The profit of a firm is described by the following function: f(Q) = -4Q^3 +48Q^2 - 117Q - 100 where Q is the quantity produced a) Find the stationary points for this function b) Using the first derivative test, find for what value of Q is the profit maximised. c) Find the feasible values of Q where the graph of the profit function is concave up. Show working
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please provide authentic and correct solution for all parts. For part (b) please use first derivative. Please dont make any mistakes. Greatly Appreciated!
Transcribed Image Text:The profit of a firm is described by the following function: f(Q) = -4Q^3 + 48Q^2 -
117Q 100 where Q is the quantity produced
a)
Find the stationary points for this function
b)
Using the first derivative test, find for what value of Q is the profit maximised.
c) Find the feasible values of Q where the graph of the profit function is concave
up. Show working
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Could you please use the first derivative for part (b), not the second derivative? Could you ensure that you use a table when comparing values when getting the profit maximising? Greatly Appreciated!!
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