Tutorial one (23.6.2013)
Suppose where the following profit function for a certain firm. Find the level of output (Q) which maximizes the profit of the firm:
П= -3.000 - 2.400Q + 350 Q2 - 8⅓Q3
Tutorial two (30.6.2013)
Given the following profit function
П= -10.000 + 400Q = 2Q2
П = is total profit, Q = is the level of output.
$1(i) Determine the output level which maximizes profit.
$1(ii) Consider the situation requires 40 hours of skilled labor and total of 300 hours of skilled labor is variables determine the output level which maximizes the profit.
$1(iii) Find determine 100 hours of skilled labor or total of 400 hours are available what sort of comment in such a case .. how this will effect your solution.
Tutorial three (7.7.2013)
Given the following information about the quantity demanded about the quantity demented of accretion product (x) and its price (PX) Exit lte the demand function:
Q ^ = Q1+b^px
b^<0 product ,Q dx = when PX = 3