Maximizing Profit and Production Answer the following: What is the profit equation? What are the values of X₁ and x2 that maximize profit? What is the maximum profit? What are the values of X₁ and x₂ that maximize production? What is the maximum production? - Q = 10 + 2x₁ - .5x² + 8x2 − .2x² C = 2x₁ + 4x₂ P = 40, FC = 150

is profit maximisation seen as local minimum or maximum? Is part (b) the correct way of doing first derivative? There is image of the questions, another image of the answers of part (a) and (b).

Can you more detailed explain and write this part :  Cost is minimized at the point where profit is maximized .  Profit = R -  C =  q2+14q+20 - 2q2 +  8q - 15 Profit maximizing point :  d(Profit )/dq  = 0 =>  -2q + 22 = 0 ( especially i don't understand this part !!!!) q* =  11    (Cost minimizing level of production  )

1. Suppose you are the owner of a burger restaurant that has a cost of production given by C = 400 + 0.02q^2 where q is the number of burgers produced per day. Assume that the market for burgers is perfectly competitive. a. If the market price for a burger is $10, how many burgers should the manager plan to produce in a day? b. What is the profit level? Is this the maximum profit that the restaurant can make per day? c. What output will the firm produce if the price of a burger goes down to $8?

A catering company producing fruit ice, in the Tandy school, has a production function q = 10min(k,l), where k is capital and 1 is labor. a. 15% If v = 81000 and w = 500 and P = 8600, where v, w, and P are as per the lecture notes, how many units of fruit ice will be produced and how much profit will be obtained? b. 10% Draw the supply curve for this catering company.

See image for question with sub-parts.

Could you fully explain the part (C)? And please dont miss any details.

Using the table (Check if the values are correct), answer the questions below:  a. What is the firms total fixed cost b. Suppose the price of the product is 20 - What is the firms output level? -  What is its profit (or loss)-per-unit at that output level?  $ -  What is its total profit? $  c. Now suppose the price of the product is $10. - What is the firm’s profit-maximizing output level? - What is the firm's profit or loss per-unit?   $  - What is the firm's total profit (or loss)?   $  d. At a price of $10, will the firm produce?  e. If the price remains $10, what will happen to this firm in the long-run?

Price ($/slice) For the pizza seller whose marginal, average variable, and average total cost curves are shown in the graph below, what is the profit- maximizing level of output and how much profit will this producer earn if the price of pizza is $2.50 per slice? Instructions: In the graph below, label all three curves by clicking on the dropdown to select the appropriate label. Then, indicate the profit-maximizing level of output on the graph. 3.50 3.25 3.00 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50 0.25 0 Cost Curves Tools -O Select ▼ Select ▼ Select ▼ Q* 100 200 300 400 500 600 700 800 900 Quantity (slices/day)

Economists assume that by pursuing a strategy of cost minimization of production, most firms try to achieve profit maximization. Can you discuss the concept of an expansion path? If you can use a graph that would help me understand thank you