Posted by Renee on .
The following is a cost function for clinic visits in a small inner city clinic:
a.Determine the marginal cost for each level of output.
b.If the price per visit is given to be $25, at what level of visits will the maximum profit position be? What are the profits at this level? What is the quantity supplied?
c.If the price per visit increases to $45, what will be the quantity supplied (assuming maximizing profits)?