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Q1: Derive the following equation: = .
((). ) = ( ((). )),
= 0,
=
If the profit of production can be calculated as follow:
(( )) = ( ). ( ) (())
Q2: Derive the analytical solution of q(t) with when C(q(t)) and p(q) are given
as follows:
(( )) = . ( )
(( )) = . ()
A2: We can substitute the equation given above to the Lagrangian equation.
0 ( ). ) = 0 (( ) ). )
and the integrand is:
= ( 2 ). )
Euler-Lagrange equation:
( )=0
( 2 ). ) = ( ( 2 ). )),
( 2 ) = 0
+
( ) =
2
Q3: Draw the graph of q(t) as a function of t when a=25; b=2; c=4; =0.05;
and Q=1000
A3: Firstly, lets find the value of and T. Assuming that at t=0; (0) = 0
= ; () = :
0 +425
(0) = = 0 = 21
2(2)
(21) 0.05() 21
( ) = = 1000 = 105
4
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q(t)
600
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0
0 20 40 60 80 100 120
t