A business in a perfectly competitive market must decide how much to produce before it knows what th Show more A business in a perfectly competitive market must decide how much to produce before it knows what the market price will be. The business estimates the price will be p = 25 dollars with 25% probability p = 20 dollars with 50% probability and p = 15 dollars with 25% probability. If the total cost function of the business is C(q) = 500 + (1/10)q 2 what quantity should be produced to maximize the expected profit of the business? a. 50 units b. 75 units c. 100 units d. 125 units Show less
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The post function of the business is C(q) = 500 + (1/10)q 2 what quantity should be produced to maximize the expected profit of the business? a. 50 units b. 75 units c. 100 units d. 125 units Show less appeared first on Wise Papers.
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