4. The Diversified Vegetable Company grows two crops, tomatoes and zucchini. The firm is a price-taking seller. The price of a bushel of tomatoes is $20, while the price of a bushel of zucchini is $30. The firm uses the same land and the same workers to raise the two crops, and its total cost for the two crops is 5XT2 + 6XZ2 + XTXZ, where XT and XZ are the respective quantities of tomatoes and zucchini. Find the following: A. The profit maximizing level of production of tomatoes and zucchini. B. The maximized profits.
4. The Diversified Vegetable Company grows two crops, tomatoes and zucchini. The firm is a price-taking seller. The price of a bushel of tomatoes is $20, while the price of a bushel of zucchini is $30. The firm uses the same land and the same workers to raise the two crops, and its total cost for the two crops is 5XT2 + 6XZ2 + XTXZ, where XT and XZ are the respective quantities of tomatoes and zucchini. Find the following: A. The profit maximizing level of production of tomatoes and zucchini. B. The maximized profits.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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4. The Diversified Vegetable Company grows two crops, tomatoes and zucchini. The firm is a price -taking seller. The price of a bushel of tomatoes is $20, while the price of a bushel of zucchini is $30. The firm uses the same land and the same workers to raise the two crops, and its total cost for the two crops is 5XT2 + 6XZ2 + XTXZ, where XT and XZ are the respective quantities of tomatoes and zucchini.
Find the following:
A. The profit maximizing level of production of tomatoes and zucchini.
B. The maximized profits.
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