The total revenue curve of a firm is R(q) = 40q – 12q? and its 400 q² – 12.85q + 20 +, where q is the firm's output. 30 i. Derive an expression C(q) for the firm's total cost function. ii. Derive an expression II(q) for the firm's profit function. iii. Is the rate of change of profit increasing or decreasing when the ouput level of the firm is 10 units? iv. Determine the level of output for which the firm's profit is maximized. v. What is the firms's maximum profit?
The total revenue curve of a firm is R(q) = 40q – 12q? and its 400 q² – 12.85q + 20 +, where q is the firm's output. 30 i. Derive an expression C(q) for the firm's total cost function. ii. Derive an expression II(q) for the firm's profit function. iii. Is the rate of change of profit increasing or decreasing when the ouput level of the firm is 10 units? iv. Determine the level of output for which the firm's profit is maximized. v. What is the firms's maximum profit?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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Transcribed Image Text:The total revenue curve of a firm is R(q) = 40q – 12q? and its
400
q² – 12.85q + 20 +, where q is the firm's output.
30
i. Derive an expression C(q) for the firm's total cost function.
ii. Derive an expression II(q) for the firm's profit function.
iii. Is the rate of change of profit increasing or decreasing when the
ouput level of the firm is 10 units?
iv. Determine the level of output for which the firm's profit is maximized.
v. What is the firms's maximum profit?
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