With these known, we can already pose the decision problem of maximum possible profit. In our model we will collect the relationship between the

by a constant does not change the profit-maximizing product level. Therefore, the profit (maxima) as a function of prices (the function of

SOLVED OPTIMIZATION PROBLEMS. Exercise 1 to obtain maximum profit. we must calculate the maxima and minima of the function )(.

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profit-maximizing firm is achieved when the difference between the

c) If we notice that the function that defines the profit is a quadratic function (parabola) concave downward. Therefore if we want to calculate the maximum,

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