maximize the expected profit of the business? a. 50 units b. 75 units c. 100 units d. 125 units Show less
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) = 350 + (1/5)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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