R Tv Tv Ov Management Kdan Cloud Share Tool Comment & Markup main-2-11 2 + Outlines Q Search A= ►Functions of two variables Solutions T Annotation Editor FAX OCR OCR Convert Fax Search (c) Explain how one can see on the graph of part a which combinations (91.9c) allow to produce 64 000 units in the cheapest possible way. 18. The cost c (in €) for the production of q₁ units of good 1 and 2 units of good 2 is given by the equation c(91,92) = 691 +492 + 525. The demand function of good 1 is given by p₁ =36-91, while the demand function of good 2 is given by p2 = 44-92- (a) Find the equation of the profit function. (b) Show on a graph which combinations (91, 92) give neither profit nor loss. (c) Currently, 9 units of the first good and 24 units of the second good are being produced and the firm makes a profit in this way. i. Is it possible to realize the same profit on a lower budget? Use contour lines for profit and cost to answer this question graphically. ii. Estimate which production amounts lead to the lowest budget without affecting the profit made from the graph. Also estimate the lowest budget. iii. Now find exact values for the production amounts and the lowest budget by computation. (d) The firm has a budget of 669 monetary units, which it spends completely. i. Show the corresponding isocost line graphically. ii. Add a contour plot for the profit function and use this to estimate the maximum profit that the company can realize with this budget and the corresponding production amounts. iii. Now find the exact values for the production amounts and the maximum profit by compu- tation. 19. A firm produces two product: a niche product with inverse demand function given by p₁ = 100-2q1, and a standard product with fixed price of 2 monetary units, so p₂ = 2. 230% 10 /10

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