Calculate the maximum profit

Reference no: EM132702359

Question: Given the following total revenue and total cost functions for a firm, maximize profit ? for the firm as follows

(1) Set up the profit function π=TR-TC,

(2) find the critical value(s) where π is at a relative extremum and test the second-order condition, and

(3) calculate the maximum profit.

TR=1500Q-12Q^2

TC=2000+90Q

Reference no: EM132702359

Questions Cloud

Discuss about companies affected by new us trade policy : Choose a company that is affected by the new U.S. trade policy. Find an article from newspapers or magazines on this current-event (2019-2020).

Which one do you believe provides highest possible return : In the hope of high returns, venture capitalists provide funds to finance new (startup) companies. However, potential competitors and structures of the market.

Demonstrate your analytical insights from the readings : Integrate policy concepts to demonstrate your analytical insights from the readings and your own research with evidence to support remarks about policy issues.

What are potential policy solutions to your chosen problem : What are potential policy solutions to your chosen problem? Take 3-to-5-pages to identify and describe some policy solutions. Are there policies in place.

Calculate the maximum profit : Given the following total revenue and total cost functions for a firm, maximize profit ? for the firm as follows: Set up the profit function p=TR-TC.

Developing a brief summary of endogenous growth theories : In neoclassical growth models, the sources of growth, is exogenous usually "technology". Such theoretical models hence are able to describe how an economy.

Describe in your own words the concept of market power : Describe in your own words the concept of market power. What are the three reasons that a market might have a Monopoly? Post the above introduction.

What was the problem with jevon notion of utility : What was the problem with Jevon's notion of utility that nearly caused his theory to me rejected by the scientific community? The response must be typed.

What in general was effect of creation of a single market : Read the "Renegotiating NAFTA" case on page 253. NAFTA has produced significant net benefits for the Canadian, Mexican and U.S. economies.

User Account

All Pages