Ask Question
19 November, 20:52

You are the manager of a firm that produces a product according to the cost function C (qi) = 160 + 58qi - 6qi2 + qi3. Determine the short-run supply function if:

+1
Answers (1)
  1. 19 November, 21:21
    0
    260 units

    Explanation:

    C (qi) = 160 = 58 (qi) - 6 (qi) ² + (qi) ³

    dC/d (qi) = 58 - 12 (qi) + 3 (qi) ²

    d²C/d (qi) ² = 6qi - 12

    For d²C/d (qi) ² = 0

    Hence, 6qi - 12 = 0

    6 (qi - 2) = 0

    ∴ qi = 2

    When, qi = 2: C (qi) = 160 + 116 - 24 + 8 = 260 units
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “You are the manager of a firm that produces a product according to the cost function C (qi) = 160 + 58qi - 6qi2 + qi3. Determine the ...” in 📗 Engineering if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers