Question
A firm’s cost function is the following: ? = 1 2 ? 3 + 10? 2...
A firm’s cost function is the following: ? = 1 2 ? 3 + 10? 2 + 24? + 132
*In the above equation, Q is raised to the 3rd power
Q is in millions of units and P is dollars. The firm faces the following demand for its product:
? = ? − 282 /−0.1
a) What is the level of output at which the firm maximizes its profit?
b) What is this maximum level profit?
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