Direction: Show the solutions with the final answers enclosed in boxes and written in ink. 1. Find the critical values, test the second-order condition, and calculate for maximum profit. a) Under a perfectly competitive market: TR=14000-60² and TC=1500+800 b) Under a monopoly: TR=14000-7.50² and TC-0³-60² +1400+750 c) Demand function: P=30-20, No cost.

Direction: Show the solutions with the final answers enclosed in boxes and written in ink. 1. Find the critical values, test the second-order condition, and calculate for maximum profit. a) Under a perfectly competitive market: TR=14000-60² and TC=1500+800 b) Under a monopoly: TR=14000-7.50² and TC-0³-60² +1400+750 c) Demand function: P=30-20, No cost.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter9: Market Structure And Long-run Equilibrium

Section: Chapter Questions

Problem 9.5IP

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