(3) The demand curve of a firm is p= 1200 – 21g and its total cost is C(q) = 2g - 66q +600q +1000 where q is the output of the firm (in thousands). 3 (i) Derive an expression R(q) for the firm's...

Extracted text: (3) The demand curve of a firm is p= 1200 – 21g and its total cost is C(q) = 2g - 66q +600q +1000 where q is the output of the firm (in thousands). 3 (i) Derive an expression R(q) for the firm's revenue function. (ii) Derive an expression II(g) for the firm' s profit function. (iii) Is the rate of change of profit inereasing or decreasing when the output level of the firm is 10,000 units? (iv) Determine the level of output at which profit is maximized.