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Question 2: a) A manufacture of truck producer needs 4 truck tires (x) for 1 frame (y). The demand function for t is X=126 - 0.5Px and the demand function for f is y-120-py. The total cost of the firm is: TC=2x² + 2xy + 2y2 + 380. Use the Lagrange Multiplier method of constrained optimization optimize the profit, and find all the optimal values. c) Define shadow price and the effect on shadow price in optimization using this context of question 12.

Question 2: a) A manufacture of truck producer needs 4 truck tires (x) for 1 frame (y). The demand function for t is X=126 - 0.5Px and the demand function for f is y-120-py. The total cost of the firm is: TC=2x² + 2xy + 2y2 + 380. Use the Lagrange Multiplier method of constrained optimization optimize the profit, and find all the optimal values. c) Define shadow price and the effect on shadow price in optimization using this context of question 12.

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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Question 2: a) A manufacture of truck producer needs 4 truck tires (x) for 1 frame (y). The demand function for t is X=126 - 0.5Px and the demand function for f is y=120-py. The total cost of the firm is: TC=2x² + 2xy + 2y² + 380 . Use the Lagrange Multiplier method of constrained optimization optimize the profit, and find all the optimal values. c) Define shadow price and the effect on shadow price in optimization using this context of question 12.
Transcribed Image Text:Question 2: a) A manufacture of truck producer needs 4 truck tires (x) for 1 frame (y). The demand function for t is X=126 - 0.5Px and the demand function for f is y=120-py. The total cost of the firm is: TC=2x² + 2xy + 2y² + 380 . Use the Lagrange Multiplier method of constrained optimization optimize the profit, and find all the optimal values. c) Define shadow price and the effect on shadow price in optimization using this context of question 12.
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