Q1 = (8358/34) - (P1/34) Q2 = (4558/17) - (P2/17) TC = 2530 + 8Q1 + 48Q2 Form the profit equation, π and solve for the critical values. (a) What is the critical value of Q1? (Give your answer to two decimal places, if necessary) (b) What is the critical value of Q2? (Give your answer to two decimal places, if necessary) (c) What is the value of |H2|? (Give your answer to two decimal places, if necessary) (d) What is the value of maximum profit?
Q1 = (8358/34) - (P1/34) Q2 = (4558/17) - (P2/17) TC = 2530 + 8Q1 + 48Q2 Form the profit equation, π and solve for the critical values. (a) What is the critical value of Q1? (Give your answer to two decimal places, if necessary) (b) What is the critical value of Q2? (Give your answer to two decimal places, if necessary) (c) What is the value of |H2|? (Give your answer to two decimal places, if necessary) (d) What is the value of maximum profit?
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter8: Cost Analysis
Section: Chapter Questions
Problem 2.2CE
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Q1 = (8358/34) - (P1/34)
Q2 = (4558/17) - (P2/17)
TC = 2530 + 8Q1 + 48Q2
Form the profit equation, π and solve for the critical values.
(a) What is the critical value of Q1? (Give your answer to two decimal places, if necessary)
(b) What is the critical value of Q2? (Give your answer to two decimal places, if necessary)
(c) What is the value of |H2|? (Give your answer to two decimal places, if necessary)
(d) What is the value of maximum profit?
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