Optimisation of one-variate function 2. The company's profit function is n= 140Q 202-70 2.1 What is the fixed cost? 2.2 At what output, Q, the profit function has its turning point (show first derivative of the profit function and apply FOC)? Show the calculations. 2.3 Find the second derivative of the profit function. 2.4 Apply SOC. Is the turning point a maximum or a minimum point? Explain. 2.5 Evaluate the maximum profit

Optimisation of one-variate function 2. The company's profit function is n= 140Q 202-70 2.1 What is the fixed cost? 2.2 At what output, Q, the profit function has its turning point (show first derivative of the profit function and apply FOC)? Show the calculations. 2.3 Find the second derivative of the profit function. 2.4 Apply SOC. Is the turning point a maximum or a minimum point? Explain. 2.5 Evaluate the maximum profit

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

plz solve first 3 parts only (2.4),(2.5) within 30-40 mins I'll give you multiple upvote

Optimisation of one-variate function
2. The company's profit function is n= 140Q-2Q2-70
2.1
What is the fixed cost?
s).
2.2
At what output, Q, the profit function has its turning point (show first
derivative of the profit function and apply FOC)? Show the calculations.
2.3
Find the second derivative of the profit function.
2.4
Apply SOC. Is the turning point a maximum or a minimum point? Explain.
2.5
Evaluate the maximum profit

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