ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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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).
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How is my answer correct? from what I heard f < 0 = maximum and f > 0 is minimum. the Q = 6.5 is above 0 which means its minimum and when substituting Q=6.5 to the profit function it gives 69, which above 0 which is minimum, how is it maximum?
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How is my answer correct? from what I heard f < 0 = maximum and f > 0 is minimum. the Q = 6.5 is above 0 which means its minimum and when substituting Q=6.5 to the profit function it gives 69, which above 0 which is minimum, how is it maximum?
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