A firm’s price in a perfectly competitive market is 1000. Its cost function is C(x) = 0.017° 3x² +1108x+960, where x20 is the number of units produced and sold. a. Find the profit function 7(x) for x 20. b. Find all stationary points and determine the profit maximising level of output. c. Using a sign diagram, determine the intervals over which r(x) is increasing and decreasing. d. Determine the intervals over which z(x) is concave and convex. e. Where is the point of inflection? Give an economic interpretation of the point of inflection.
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