Question 3 (4 points) Assume that the marginal cost function of a firm is 1 + Inx and that the cost of 1 unit is 1. a) F

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Question 3 4 Points Assume That The Marginal Cost Function Of A Firm Is 1 Inx And That The Cost Of 1 Unit Is 1 A F 1 (15.21 KiB) Viewed 75 times

Question 3 (4 points) Assume that the marginal cost function of a firm is 1 + Inx and that the cost of 1 unit is 1. a) Find the cost function C(r). b) Assume that the price per unit, P(r), varies with ze [1, too) according to the formula P(x) = 2 In x + 3 (In x)2 2x 300 Find the production level that maximizes profit, and compute the maximum profit.