A firms objective is to Maximize Profits and Minimize Costs. Demand is Q = 400 2*P.
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A firm’s objective is to Maximize Profits and Minimize Costs. Demand is Q = 400 – 2*P. The firm’s production function is Q = 5*L.6*K.5. Total Cost is TC = PL*L + PK*K = $6*L + $12*K. The objective is to maximize Profit: Profit = TR – TC. Find the Profit-Maximizing Price. A.94.2. B.101.1. C.111.4. D.115.3. E.121.4.
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