Find the s.o.c. that maximizes profits

Reference no: EM13182556

Given an imperfectly competitive firm in the output market where: P = P(Q) = price function where: P' < 0 and P'' = 0; C(Q) = cost function where: C' > 0, C'' > 0.

(a) State the firm's profit function in terms of Q.

(b) Find the F.O.C. that maximizes profits at Q*.

(d) Find the S.O.C. that maximizes profits at Q*.

(e) Interpret the S.O.C.

Reference no: EM13182556

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