A company produces at most 15 (thousand) widgets per year. Its profit P, in thousands of dollars, is a function of n, the number of widgets prouduced per year( in thousands of widgets) the marginal profit is given by dp/dn = 20 + n -n^2. A. What is the marginal profit if n= 3 ( thousand widgets) should the company increase or decrease production B. What is the marginal profit of n= 8 ( thousand widgets) should the company increase or decrease production C. How many widgets should the compay proudcue in order to maximize

A company produces at most 15 (thousand) widgets per year. Its profit P, in thousands of dollars, is a function of n, the number of widgets prouduced per year( in thousands of widgets) the marginal profit is given by dp/dn = 20 + n -n^2. A. What is the marginal profit if n= 3 ( thousand widgets) should the company increase or decrease production B. What is the marginal profit of n= 8 ( thousand widgets) should the company increase or decrease production C. How many widgets should the compay proudcue in order to maximize

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter16: Labor Markets

Section: Chapter Questions

Problem 16.7P

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