The total revenue function of a firm is given as R = 21q – q² and it estimates the total cost function of the product is c =q? – 3q² – 7q + 16 where, q is the output. Find the output at which the total revenue is maximum and the total cost is minimum.

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ISBN:9780470458365
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The total revenue function of a firm is given as R = 21q – q² and it estimates the total
cost function of the product is c = q? – 3q² – 7q + 16 where, q is the output. Find
the output at which the total revenue is maximum and the total cost is minimum.
Transcribed Image Text:The total revenue function of a firm is given as R = 21q – q² and it estimates the total cost function of the product is c = q? – 3q² – 7q + 16 where, q is the output. Find the output at which the total revenue is maximum and the total cost is minimum.
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