Please solve in details 165166&grpid=0&isprv-08bp-08A monopolistic firm operates in three markets described by the inverse demandfunctionsP₁ = 63-4Q1P2 = 105-5Q2P3=75-6Q3,where Q₁ is the quantity sold in market i.The total cost of this firm is given by C = 20 + 15Q, where Q is the total quantityproduced (Q = Q1 + Q2 + Q3).1. Write down the optimization problem this firms wants to solve, as anoptimization problem with three variables, Q1, Q2, and Q3..2. Write down the first order conditions.3. Find the critical values.4. Write down the second order condition and check whether they are satisfied.

Given: Demand in the first market: P1 = 63 - 4 Q1Demand in the second market: P2 = 105 - 5 Q2Demand…

functions P₁ = 63-4Q1 P2 = 105-5Q2 Pkets described by the inverse demand P3=75-6Q3, where Q₁ is the quantity sold in market i. The total cost of this firm is given by C = 20 + 15Q, where Q is the total quantity produced (Q=Q₁ + Q2 + Q3). 1. Write down the optimization problem this firms wants to solve, as an optimization problem with three variables, Q1, Q2, and Q3.. 2. Write down the first order conditions. 3. Find the critical values.

functions P₁ = 63-4Q1 P2 = 105-5Q2 Pkets described by the inverse demand P3=75-6Q3, where Q₁ is the quantity sold in market i. The total cost of this firm is given by C = 20 + 15Q, where Q is the total quantity produced (Q=Q₁ + Q2 + Q3). 1. Write down the optimization problem this firms wants to solve, as an optimization problem with three variables, Q1, Q2, and Q3.. 2. Write down the first order conditions. 3. Find the critical values.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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