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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

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please specifically and importantly answer for part (b), please ensure that you use first differentiation, not second derivatives. Please dumb it down as much as possible. Greatly Appreciated!!!!

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
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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Please use the first derivative for part (b), not the second derivative. Please ensure to explain why Q = 6.5 is profit maximised.

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