(Answered) Question a firm has analysed its sales and profitability

Statistics

Question: A firm has analysed its sales and profitability and found that its profit can be represented as:

F = -100 + 100Q - 5Q²

where F is profit (£000s) and Q is units sold (in 000s). It has also found that its costs are:

C = 100 + 2Q²

where C is costs (£000s).

(a) Obtain a third equation showing the firm's revenue, R.

(b) Using a graph determine how many units the firm should sell to maximise profit.

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