The demand function for a firm is p = 320 – 3.2x, and the cost function is C(x) = 100 + 80x – 1.6x2 Required (i) Determine the profit function. (ii) Determine the output and price for maximum profit...

The demand function for a firm is p = 320 – 3.2x, and the cost function is

C(x) = 100 + 80x – 1.6x2

Required

(i) Determine the profit function.

(ii) Determine the output and price for maximum profit and the maximum profit. Show that it

is a maximum point.