Answered: For the following total-profit function…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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For the following total-profit function of a firm:
= 144X – 3X² – XY – 2Y² + 120Y – 35
Determine the level of output of each commodity at which the firm maximizes its total profit.
Determine the value of the maximum amount of the total profit of the firm.

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from Profit = 144X – 3X² – XY – 2Y² + 120Y – 35

to get the Marginal profit of X = d(Profit)/dX

X = 144 - 6X - Y

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