What is the optimal profit function of the firm

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Reference no: EM13182878

A firm has cost function:

C(y) = { y^2 + 1 if y > 0

{0 if y = 0

Let p be the price of output.

1) If p = 2, how much will the firm produce? If p = 1, how much will the firm produce?

2) What is the (optimal) profit function of the firm?

Reference no: EM13182878

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