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3. a. For both (i) and (ii) below, use the first and second order conditions to...
3. a. For both (i) and (ii) below, use the first and second order conditions to find (and verify) the profit maximizing level of output and then find the level of profits associated with this quantity. This is a price taking firm in a perfectly competitive industry. b. For both (i) and (ii) below, find the minimum price at which each firm is willing to produce a positive level of output. Show all work. (i) P = $240, and C(q) = q3 – 36q2 + 480q + 200 (ii) P = 400 and C(q) = q3 – 54q2 + 1072q + 1000
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