Q1. Consider a monopolist which produces two different products, each having the fo demand functions: 91 = 14 — —P₁, 1 92 = 24-P2₁ where 9₁ and 92 represent the output levels of product 1 and product 2 and pi represent their prices. The monopolist's joint cost function is given as (a) C (91, 92) = 91 +59192 +93. Write out the monopolist's profit function .

Q1. Consider a monopolist which produces two different products, each having the fo demand functions: 91 = 14 — —P₁, 1 92 = 24-P2₁ where 9₁ and 92 represent the output levels of product 1 and product 2 and pi represent their prices. The monopolist's joint cost function is given as (a) C (91, 92) = 91 +59192 +93. Write out the monopolist's 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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