What are the profits the constrained optimum

Reference no: EM13207787

firm had demand function given by Qd=1000-10p. Its cost function given by C= 150 +20 Q A- write an equation for the inverse demand function. B- write an equation for the profit function C-if the firm wants to maximize its sales revenue ,how many units should it produce and what price should it charge? D- if the firm wants to maximize its profits , how many units should it produce and what price should it charge? what are its profits? E-suppose the firm is facing an output constraint - specifically , the maximum allowable output is 480 units - that is Q<= 380 set up a Lagrangian equation and solve for the optimal or profit maximizing output subject to the constraint. what price should the firm charge- given the constrain? Give an interpretation of the largrangian Multiplier. what are the profits the constrained optimum?

Reference no: EM13207787

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