Profit maximization with calculus: the basics

[neshingopenny]

Sepo is a young man who owns a lawn mowing service business. His business is small and
therefore a price-taker in the lawn mowing market, that is, its marginal revenue equals the market
price. The prevailing market price of lawn mowing is N$20 per square meter. Sepo’s costs are
given by the cost function:
𝐶 = 0.1𝑞2 + 10𝑞 + 50
where 𝑞 is the number of square meters John chooses to cut a day.
1.1 How many square meters should Sepo choose to cut to maximize profit? [10]
1.2 Calculate Sepo’s total revenue [5]
1.3 Calculate his total cost [5]
1.4 What is Sepo’s daily profit?
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