Question a manufacturer estimates that when q units of a, Ask an Expert

Economics

Question: A manufacturer estimates that when q units of a certain commodity are produced the profit obtained is P(q) thousands dollars, where P(q)=-2q^2+74q-72. Part

1. Find the average profit and the marginal profit functions.

2. At what level of production q (Line on top of q) is average profit equal to marginal profit?

3. Show that average profit is maximized at the level of production q (line on top) found in part b.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M93131818

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