6. A company produces x units of product A and y units of product B (both inhundreds per month). The monthly profit equation (in thousands of dollars) givenbyP(x, y) = -4x2 + 4xy – 3y? + 4x + 10y + 81(A) Find P,(1, 3) and interpret the results.(B) How many of each product should be produced eachmonth to maximize profit? What is the maximum profit?

We are given we can find partial derivative with respect to x

6. A company produces x units of product A and y units of product B (both in hundreds per month). The monthly profit equation (in thousands of dollars) given by P(x, y) = -4x + 4xy – 3y? + 4x + 10y + 81 (A) Find P,(1, 3) and interpret the results. (B) How many of each product should be produced each month to maximize profit? What is the maximum profit?

6. A company produces x units of product A and y units of product B (both in hundreds per month). The monthly profit equation (in thousands of dollars) given by P(x, y) = -4x + 4xy – 3y? + 4x + 10y + 81 (A) Find P,(1, 3) and interpret the results. (B) How many of each product should be produced each month to maximize profit? What is the maximum profit?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 22RQ: What are diminishing marginal returns as they relate to costs?

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