3) A firm produces two goods Q1 and Q2 with the following demand functions: P1 = 315 – 4Q1 P2 = 260 – 3Q2 2 2 and a joint total cost function TC = 2Q1 + 3Q 1 Q 2 + Q2 + 400 Find (a) the profit maximizing level of output for Q1 and Q2. (b) the market clearing prices P1 and P2 (c ) the maximum profit the firm could earn

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