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Revenue R(P,Q) = PQ is a function of two variables: price P and quantity Q. Sketch a contour map of R in the region 0 ≤ P ≤ 10,0 ≤ Q ≤ 20. HINTS: (i) What mathematical shape is exemplified by the equation xy = 12? What would a contour map of the function f(x, y) = xy look like? (ii) (iii) One suitable contour height for R(P, Q) is h = 50. Pick other contour heights using your own judgment. Note that the question asks for a sketch, not an exact plot.

Revenue R(P,Q) = PQ is a function of two variables: price P and quantity Q. Sketch a contour map of R in the region 0 ≤ P ≤ 10,0 ≤ Q ≤ 20. HINTS: (i) What mathematical shape is exemplified by the equation xy = 12? What would a contour map of the function f(x, y) = xy look like? (ii) (iii) One suitable contour height for R(P, Q) is h = 50. Pick other contour heights using your own judgment. Note that the question asks for a sketch, not an exact plot.

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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Q2 Revenue R(P,Q) = PQ is a function of two variables: price P and quantity Q. Sketch a contour map of R in the region 0 ≤ P ≤ 10,0 ≤Q ≤ 20. HINTS: (i) What mathematical shape is exemplified by the equation xy = 12? What would a contour map of the function f(x, y) = xy look like? (ii) One suitable contour height for R(P, Q) is h = 50. Pick other contour heights using your own judgment. Note that the question asks for a sketch, not an exact plot. (iii)
Transcribed Image Text:Q2 Revenue R(P,Q) = PQ is a function of two variables: price P and quantity Q. Sketch a contour map of R in the region 0 ≤ P ≤ 10,0 ≤Q ≤ 20. HINTS: (i) What mathematical shape is exemplified by the equation xy = 12? What would a contour map of the function f(x, y) = xy look like? (ii) One suitable contour height for R(P, Q) is h = 50. Pick other contour heights using your own judgment. Note that the question asks for a sketch, not an exact plot. (iii)
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