Question: Can you help me please Problem Set 1. Answer all three questions. They are of equal weight: 1. Suppose a rm's total revenues depend on

Can you help me please

Can you help me please Problem Set 1. Answer all three questions.

Problem Set 1. Answer all three questions. They are of equal weight: 1. Suppose a rm's total revenues depend on the amount produced (q) according to the function: R = 70q q2 Total costs also depend on q: C= q2 +30q +100 21. What level of output should the rm produce to maximize prots (RC)? b. What will prots be at the maximum? 0. Show that the second-order condition for a maximum is satised at the output level found in part (a) d. Does the solution calculated here obey the \"marginal revenue equals marginal cost\" rule? Explain

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!