question 1 a b and c C.Cancel9. Cheaters may also be reported to the University's administration for further sanctions/penaltiesin accordance with the University's policy on academic misconduct as outlined in the2021/2022 student handbook (see pages 190-203). Among the sanctions/penalties that theUniversity can apply are: disqualification from the module, which would mean an automaticfailure of the module; and suspension from the University for up to one academic year.S.4.(a)(b)(c)6:28A two-product firm faces the demand and cost functions as follows.Q₁=40-2P+P₁₂, Q₂ =15+P₁-P₁₂, C=Q² +Q₁Q₂+Q₂²utechonline.utech.edu.jm(a)(b)2A company is planning to spend $10,000 on advertising. It costs $3000 per minute toadvertise on television and $1000 per minute to advertise on radio. If the company buys xminutes of television advertising and y minutes of radio advertising, then its revenue (inthousands of dollars) is given by z=f(x, y) = −2x² - y² +xy+8x+3y.Find the output levels that satisfy the first-order conditions for maximum profit.Hint: To find the revenue function, first solve for P, in terms of Q, and Q₂; thensolve for P, in terms of Q, and Q₂.Check the second-order sufficient condition.What is the maximum profit?Determine the number of minutes of television advertising and the number ofminutes of radio advertising the company should buy to maximize its revenuesubject to the budget of $10,000 it has to spend.Verify that the second-order sufficient condition is satisfied.Use the Kuhn-Tucker conditions to find the optimal solution for the following problem.Minimize z = f(x₁, x₂)=2x₁² + 2x² − 2x₁x₂ − 6x₁subject to3x, +4x₂ ≤6-x₁ +4x² ≤2X₁, X₂ ZONote: You may assume that the sufficient condition is satisfied.The Harrod-Domar growth model is given byS,=aY₁,01S₁ = 1,

As given Demand and cost equations of two firms Q1 = 40 - 2P1 + P2 Q2 = 15 + P1 - P2 and cost…

A two-product firm faces the demand and cost functions as follows. Q=40-2P+P₂, Q₂ =15+P-P₂, C=Q+99₂ +0 (a) (b) (c) Find the output levels that satisfy the first-order conditions for maximum profit. Hint: To find the revenue function, first solve for P, in terms of Q, and Q₂; then solve for P, in terms of Q, and Q₂. Check the second-order sufficient condition. What is the maximum profit? 110.000 00000

A two-product firm faces the demand and cost functions as follows. Q=40-2P+P₂, Q₂ =15+P-P₂, C=Q+99₂ +0 (a) (b) (c) Find the output levels that satisfy the first-order conditions for maximum profit. Hint: To find the revenue function, first solve for P, in terms of Q, and Q₂; then solve for P, in terms of Q, and Q₂. Check the second-order sufficient condition. What is the maximum profit? 110.000 00000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

question 1 a b and c

C.
Cancel
9. Cheaters may also be reported to the University's administration for further sanctions/penalties
in accordance with the University's policy on academic misconduct as outlined in the
2021/2022 student handbook (see pages 190-203). Among the sanctions/penalties that the
University can apply are: disqualification from the module, which would mean an automatic
failure of the module; and suspension from the University for up to one academic year.
S.
4.
(a)
(b)
(c)
6:28
A two-product firm faces the demand and cost functions as follows.
Q₁=40-2P+P₁₂, Q₂ =15+P₁-P₁₂, C=Q² +Q₁Q₂+Q₂²
utechonline.utech.edu.jm
(a)
(b)
2
A company is planning to spend $10,000 on advertising. It costs $3000 per minute to
advertise on television and $1000 per minute to advertise on radio. If the company buys x
minutes of television advertising and y minutes of radio advertising, then its revenue (in
thousands of dollars) is given by z=f(x, y) = −2x² - y² +xy+8x+3y.
Find the output levels that satisfy the first-order conditions for maximum profit.
Hint: To find the revenue function, first solve for P, in terms of Q, and Q₂; then
solve for P, in terms of Q, and Q₂.
Check the second-order sufficient condition.
What is the maximum profit?
Determine the number of minutes of television advertising and the number of
minutes of radio advertising the company should buy to maximize its revenue
subject to the budget of $10,000 it has to spend.
Verify that the second-order sufficient condition is satisfied.
Use the Kuhn-Tucker conditions to find the optimal solution for the following problem.
Minimize z = f(x₁, x₂)=2x₁² + 2x² − 2x₁x₂ − 6x₁
subject to
3x, +4x₂ ≤6
-x₁ +4x² ≤2
X₁, X₂ ZO
Note: You may assume that the sufficient condition is satisfied.
The Harrod-Domar growth model is given by
S,=aY₁,
0<a<1
I,=b(Y-Y), b>1
S₁ = 1,

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