Question: 1) What production level will maximize profits with the given cost and demand functions? C(q)=690+3q+0.02q^2 , p=12-q/700 2) A commodity has a cost function of

1) What production level will maximize profits with the given cost and demand functions? C(q)=690+3q+0.02q^2 , p=12-q/700

2) A commodity has a cost function of C(x)=24000+140x+6x^(3/2). What is the marginal cost when producing 1000 units? How many units can be produced at minimal cost? What is the average minimum cost?

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