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A company operates two plants which manufacture the same item and whose total cost functions are C₁ = 8 +0.03q and C₂ = 3 +0.0492, where 9₁ and 92 are the quantities produced by each plant. The total quantity demanded, q = 9₁ +92, is related to the price, p, by p = 70 -0.04g. How much should each plant produce in order to maximize the company's profit? 91 = 92 Adapted from M. Rosser, Basic Mathematics for Economists, p. 318 (New York: Routledge, 1993).

A company operates two plants which manufacture the same item and whose total cost functions are C₁ = 8 +0.03q and C₂ = 3 +0.0492, where 9₁ and 92 are the quantities produced by each plant. The total quantity demanded, q = 9₁ +92, is related to the price, p, by p = 70 -0.04g. How much should each plant produce in order to maximize the company's profit? 91 = 92 Adapted from M. Rosser, Basic Mathematics for Economists, p. 318 (New York: Routledge, 1993).

Advanced Engineering Mathematics
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 operates two plants which manufacture the same item and whose total cost functions are C₁ = 8 +0.03q and C₂ = 3+0.04q2, where 9₁ and 92 are the quantities produced by each plant. The total quantity demanded, q = 9₁ +92, is related to the price, p, by p = 70 -0.04g. How much should each plant produce in order to maximize the company's profit? 91 = 92 Adapted from M. Rosser, Basic Mathematics for Economists, p. 318 (New York: Routledge, 1993).
Transcribed Image Text:A company operates two plants which manufacture the same item and whose total cost functions are C₁ = 8 +0.03q and C₂ = 3+0.04q2, where 9₁ and 92 are the quantities produced by each plant. The total quantity demanded, q = 9₁ +92, is related to the price, p, by p = 70 -0.04g. How much should each plant produce in order to maximize the company's profit? 91 = 92 Adapted from M. Rosser, Basic Mathematics for Economists, p. 318 (New York: Routledge, 1993).
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