Q. No.4. a)The profit function and maximum output capacity of a firm are given, how many quantities of x and y the firm should produce that its profit be maximized, The given profit function = a= 80x – 2x² – xy – 3y² + 100y The production efficiency constraint: x+ y = 12. b) Given Q = 100 – 2P + 0.02Y, where P = 100 and Y = 5000, find the i- Price Elasticity of Demand ii- income Elasticity of Demand with the help of graphical representation
Q. No.4. a)The profit function and maximum output capacity of a firm are given, how many quantities of x and y the firm should produce that its profit be maximized, The given profit function = a= 80x – 2x² – xy – 3y² + 100y The production efficiency constraint: x+ y = 12. b) Given Q = 100 – 2P + 0.02Y, where P = 100 and Y = 5000, find the i- Price Elasticity of Demand ii- income Elasticity of Demand with the help of graphical representation
Chapter1: Making Economics Decisions
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![Q. No.4. a)The profit function and maximum output capacity of a firm are given, how
many quantities of x and y the firm should produce that its profit be maximized,
The given profit function = T = 80x – 2x2 – xy – 3y? + 100y
The production efficiency constraint: x + y = 12.
b) Given Q = 100 – 2P + 0.02Y, where P = 100 and Y= 5000, find the
i- Price Elasticity of Demand
ii- income Elasticity of Demand
with the help of graphical representation](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F26397c18-d973-496e-81c5-4f651c8a23d0%2F390690de-f9c7-462f-9ac0-16086bb4dd6c%2Faq4sb8f_processed.png&w=3840&q=75)
Transcribed Image Text:Q. No.4. a)The profit function and maximum output capacity of a firm are given, how
many quantities of x and y the firm should produce that its profit be maximized,
The given profit function = T = 80x – 2x2 – xy – 3y? + 100y
The production efficiency constraint: x + y = 12.
b) Given Q = 100 – 2P + 0.02Y, where P = 100 and Y= 5000, find the
i- Price Elasticity of Demand
ii- income Elasticity of Demand
with the help of graphical representation
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