Question: 3. Suppose a company has demand function given by q = 560 - 7p and a cost function C(q) = 2300 + 109. (25 marks)

3. Suppose a company has demand function given by q = 560 - 7p and a cost function C(q) = 2300 + 109. (25 marks) a. At what price the profit is maximized? And graph the quadratic function. b. At what price there will be no profit? Hint: Revenue = p X4 Where p is price and q is the quantity profit = Revenue -cost 3. Suppose a company has demand function given by q = 560 - 7p and a cost function C(q) = 2300 + 109. (25 marks) a. At what price the profit is maximized? And graph the quadratic function. b. At what price there will be no profit? Hint: Revenue = p X4 Where p is price and q is the quantity profit = Revenue -cost

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