A firm operates in a perfectly competitive market whose total cost varies as TC = X3 -
Question:
a. What optimum number of units should be produced in order to maximize profits?
b. What is the profit if the optimum number of units is produced?
c. What is the number of units that should be produced and sold each month in order to maximize profits?
d. Show that your answer to Part (a) maximizes profit.
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Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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