A company manufactures two products. If it charges price pi for product i, it can sell qi units of product i, where q1 = 80 – 2p1 + p2 and q2 = 100 – 3p2 + p1. It costs $8 to produce a unit of product 1 and $15 to produce a unit of product 2. a. How many units of each product should the company produce to maximize its profit? If needed, round your answers to one decimal digit. Product 1 Product 2 Production quantities b. What prices should the company charge to maximize its profit? If needed, round your answers to the nearest cent. Product 1 Product 2 Prices $
A company manufactures two products. If it charges price pi for product i, it can sell qi units of product i, where q1 = 80 – 2p1 + p2 and q2 = 100 – 3p2 + p1. It costs $8 to produce a unit of product 1 and $15 to produce a unit of product 2. a. How many units of each product should the company produce to maximize its profit? If needed, round your answers to one decimal digit. Product 1 Product 2 Production quantities b. What prices should the company charge to maximize its profit? If needed, round your answers to the nearest cent. Product 1 Product 2 Prices $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A company manufactures two products. If it charges price pi for product i, it can sell qi units of product i, where q1 = 80 – 2p1 + p2 and q2 = 100 – 3p2 + p1. It costs $8 to produce a unit of product 1 and $15 to produce a unit of product 2.
a. How many units of each product should the company produce to maximize its profit? If needed, round your answers to one decimal digit.
Product 1 | Product 2 | |||
Production quantities |
b. What prices should the company charge to maximize its profit? If needed, round your answers to the nearest cent.
Product 1 | Product 2 | |||
Prices | $ | $ |
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