Problem Set B 1. The demand function for a good is given by the equation P = a – bQ while the total cost function is TC = dQ² + eQ + f, where a, b, d, e and f are positive constants. (a) Derive the...

Extracted text: Problem Set B 1. The demand function for a good is given by the equation P = a – bQ while the total cost function is TC = dQ² + eQ + f, where a, b, d, e and f are positive constants. (a) Derive the equation for profit. (b) Derive an expression for the value of Q for which profit is maximised. (2) For the f(x) = -x³ + 3x+6 determine the coordinates of the turning point(s) and any point(s) of inflection, if they exist. %3D