(Answered) Determine the optimal output

Management Studies

Problem: Segun Gorcery stores operates in a perfect competitive setting. He sells a particular brand of beverage which is homogenous in the market. The cost and price functions for the beverage are outlined below:

P = 120 - 0.5Q ...................1

C= 420 +60Q + Q2..............2

Required:

Question 1: Determine the optimal output which maximizes his profit

Question 2: What is the profit level?

Question 3: At what price will he sell the products?

Please show steps how you get an answer and please be clear in your explanation.

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Business Management, Management Studies

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