Question: Practice Problem 3. If fixed costs are 25, variable costs per unit are 2 and the demand function is P = 20 - Q obtain

Practice Problem 3. If fixed costs are 25, variable costs per unit are 2 and the demand function is P = 20 - Q obtain an expression for a in terms of O and hence sketch its graph. (a) Find the levels of output which give a profit of 31. (b) Find the maximum profit and the value of O at which it is achieved

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