If demand and the cost function of a firm are p = 2 – x and C = -2x2 – InterviewSolution

1.

If demand and the cost function of a firm are p = 2 – x and C = -2x2 + 2x + 7 then its profit function is: (a) x2 + 7(b) x2 – 7 (c) -x2 + 7 (d) -x2 – 7

Answer»

(b) x² – 7

Profit = Revenue – Cost

= (2 – x)x – (-2x² + 2x + 7)

= 2x – x² + 2x² – 2x – 7

= x² – 7

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