The function f is defined for positive y and all x by f(x,y) = x2 lny−y lny. Find the critical (or stationary) points of f and determine whether each critical point is a local maximum, local minimum or saddle point.
A firm is the only producer of a particular good. The firm’s marginal revenue function is MR = 9−q, where q denotes the quantity of the good produced by the firm. The firm’s fixed costs are 12 and its average variable cost function is 1 + q/2. Find an expression for the firm’s profit function, […]