5. Writing Profits Practice - in each of the following situations, write an expression for profits....

 

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5. Writing Profits Practice - in each of the following situations, write an expression for profits. Then take a derivative with respect to q and solve for the profit-maximizing q. a. The case where market price is equal to $30 and the cost function is c(q) = 5+3q². b. The case where market price is equal to $130 and the cost function is c(q) = 5 + 10q+3q². c. The case where market price is left general, equal to the constant, P, and the cost function is c(q) - q + q². Note that here when you find the optimal quantity, it will be a function of P. 5. Writing Profits Practice - in each of the following situations, write an expression for profits. Then take a derivative with respect to q and solve for the profit-maximizing q. a. The case where market price is equal to $30 and the cost function is c(q) = 5+3q². b. The case where market price is equal to $130 and the cost function is c(q) = 5 + 10q+3q². c. The case where market price is left general, equal to the constant, P, and the cost function is c(q) - q + q². Note that here when you find the optimal quantity, it will be a function of P.

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a In this case the profit function can be expressed as Profit Revenue R Cost C R Price P Quantity q ... View the full answer