quadratic profit function r (@) = hQ? +jQ +k is to be used to reflect the following assumptions : aIf nothing is produced, the profit will be negative(because of fixedcosts) (1) The profit function is strictly concave. () The maximum profit occurs at a positive output level Q*. What parameter restrictions are called for?

Q: Cost, revenue, and profit are in dollars and x is the number of units. If the daily marginal cost…

A: Answer to the question is as follows:

Q: A manufacturer of Chocolate has a fixed cost of Tk.60000 and variable cost is Tk.7 per produced…

A: Given Information: Fixed cost (FC) = Tk. 60,000  Variable cost (VC) = Tk. 7Selling price (P) = Tk.…

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A: A profit function is a mathematical relationship between a firm's total profit and output. It equals…

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.