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(b) A firm is the only supplier of two goods, X and Y, and the demand equations for these goods are 4r + px = 200 and 2y + py = 152, where py and py are the prices of X and Y and r and y arc the quantities of X and Y (respectively). The firm's joint total cost function is =C(x, y) = 6x² | 4xy + 4y² | 20. : Find an expression, in terms of and y, for the firm's profit function. Determine the values of r and y that maximise the profit. What are the corresponding prices?

(b) A firm is the only supplier of two goods, X and Y, and the demand equations for these goods are 4r + px = 200 and 2y + py = 152, where py and py are the prices of X and Y and r and y arc the quantities of X and Y (respectively). The firm's joint total cost function is =C(x, y) = 6x² | 4xy + 4y² | 20. : Find an expression, in terms of and y, for the firm's profit function. Determine the values of r and y that maximise the profit. What are the corresponding prices?

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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↑↓ 4 of 5 TUT (b) A firm is the only supplier of two goods, X and Y, and the demand equations for these goods are 4r + px 200 and 2ypy = 152, where py and py are the prices of X and Y and r and y arc the quantities of X and Y (respectively). The firm's joint total cost function is Inspera assessment + Automatic Zoom C(x, y) = 6x² + 4xy + 4y² | 20. Find an expression, in terms of r and y, for the firm's profit function. Determine the values of r and y that maximise the profit. What are the corresponding prices? Page 4 of 5
Transcribed Image Text:↑↓ 4 of 5 TUT (b) A firm is the only supplier of two goods, X and Y, and the demand equations for these goods are 4r + px 200 and 2ypy = 152, where py and py are the prices of X and Y and r and y arc the quantities of X and Y (respectively). The firm's joint total cost function is Inspera assessment + Automatic Zoom C(x, y) = 6x² + 4xy + 4y² | 20. Find an expression, in terms of r and y, for the firm's profit function. Determine the values of r and y that maximise the profit. What are the corresponding prices? Page 4 of 5
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