4. Find the optimum values.(i) Find the minimum value of Q that minimize the cost function: C= 30²-70+ 12.(ii)Find the maximum value of Q that maximize the revenue function: R = 100-Q².

(i) Cost function: (ii) Revenue function: The first order condition for a two-variable function f(Q)…

Answered: Find the optimum values. (1) Find the…

Find the optimum values. (1) Find the minimum value of Q that minimize the cost function: C=302-7Q+12. (ii) Find the maximum value of Q that maximize the revenue function: R=100-Q².

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter11: Profit Maximization

Section: Chapter Questions

Problem 11.4P

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4. Find the optimum values.
(i) Find the minimum value of Q that minimize the cost function: C= 30²-70+ 12.
(ii)Find the maximum value of Q that maximize the revenue function: R = 100-Q².

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