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The market demand function of a firm is given by
4P + Q - 16 = 0
And the AC function takes the form
AC = 4/Q + 2 - 0.3Q + 0.05Q2
Find the Q which gives:
(a) Maximum revenue
(b) Minimum marginal costs,
(c) Maximum profit
Use the second derivative test in each case.
How does a
Expected Utility: Theory Assume that a utility index exists which conforms to the five axioms. The expected utility for the two-outcome lottery L = (P, A, B) is given by,
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