1. Profit maximization Find x* and y* that maximizes the following profit function. A(x, y) = 50x – 2x² – 2xy – 4y² + 60y – 56. 2. Profit maximization for perfectly competitive firm A firm produces output q using two inputs capital K and labor L using the production function q = 12KL. Assume output price p = 2 per unit, rent r = 3 per unit and wage w = 4 per unit. Find the profit maximizing input levels K* and L* and also the maximum profit r".

1. Profit maximization Find x* and y* that maximizes the following profit function. A(x, y) = 50x – 2x² – 2xy – 4y² + 60y – 56. 2. Profit maximization for perfectly competitive firm A firm produces output q using two inputs capital K and labor L using the production function q = 12KL. Assume output price p = 2 per unit, rent r = 3 per unit and wage w = 4 per unit. Find the profit maximizing input levels K* and L* and also the maximum profit r".

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Hi, I have been trying to compute the optimal values from this lagrangian. But I can't seem to find a way to get the values from the answer key. I attached both the question and answers. Could you please explain to me how to get these values from the first-order conditions? Thank you very much