Question

the profit function of a firm is of the form x= aQ^2 +bQ +c if it is known that x = 31, 34, and 27 when Q = 1, 2, and 3 respectively, write down the a set of three unknowns, a, b, and c. solve this system to find a, b, and c. hence find the profit when Q = 5

Answer 1

Answer:

) 9a+3b+c=0

(2) 25a+5b+c=2

(3) 49a+7b+c=6

Using (2)-(1) we have:

(4) 16a+2b=2

Using (3)-(2) we have:

(5) 24a+2b=4

Using (5)-(4) we have:

(6) 8a=2

It follows that a=14, b=−1 and

Step-by-step explanation:

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