urgent in one hour 1. Consider a two-product firm under circumstances of pure competition. The firm's revenue functionwill be R = P10Q1 + P20Q2. If the competitive firm has the cost function C = 2Q? + 2Q².a) will the production of the two goods be technically related?b) what will be the optimal level of Q1and Q2?11T12c) When Hessian matrix is formed asTa what is the value of T12? What does this imply[T21 T22.economically?

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1. Consider a two-product firm under circumstances of pure competition. The firm's revenue function will be R = P10Q1 + P20Q2. If the competitive firm has the cost function C = 2Q² + 2Q². %3!

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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Question

urgent in one hour

1. Consider a two-product firm under circumstances of pure competition. The firm's revenue function
will be R = P10Q1 + P20Q2. If the competitive firm has the cost function C = 2Q? + 2Q².
a) will the production of the two goods be technically related?
b) what will be the optimal level of Q1and Q2?
11
T12
c) When Hessian matrix is formed as
Ta what is the value of T12? What does this imply
[T21 T22.
economically?

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