Question: Q3. [25 pts] Let the demand function be F(p) = 2-4p/3 and cost function be C(x) = 23. (a) [5 pts] Derive the profit function

Q3. [25 pts] Let the demand function be F(p) = 2-4p/3 and cost function be C(x) = 23. (a) [5 pts] Derive the profit function II(r). (b) [5 pts] Derive the marginal revenue MR(r). (c) [5 pts] Derive the marginal cost MC(r). (d) [5 pts] Calculate output r* such that MR(r* ) = MC(z*). (e) [5 pts] Is r* a local maximum? Is a* a global maximum? Why

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