(b)The demand curve of a firm is p = 120 − 5q and its total cost is C(q) = 4q + 60, where q is the output of the firm (in thousands).
(i) Derive an expression R(q), for the firm′s revenue function.
(ii) Derive an expression Π(q), for the firm′s profit function.
(iii) Is the rate of change of profit increasing or decreasing when the firm′s ouput level is q = 20?
(iv) Determine the level of output at which profit is maximized.
The limit at x---> of the given function is equal to zero,
because the degree of the denominator's polynomial is higher than the degree of the numerator's polynomial.
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