23 Jul WHAT OUTPUT SHOULD YOU PRODUCE IN ORDER TO MAXIMIZE EXPECTED PROFITS?
in a market that resembles perfect competitio Show more You are the manager of a firm that sells a commodity in a market that resembles perfect competition and your cost function is C(Q) = 3Q + 4Q 2 . Unfortunately due to production lags you must make your output decision prior to knowing for certain the price that will prevail in the market. You believe that there is a 65 percent chance the market price will be $100 and a 35 percent chance it will be $545. a. Calculate the expected market price. b. What output should you produce in order to maximize expected profits? c. What are your expected profits? Show less
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