The function is the revenue function for selling widgets and gizmos with demand price functions PriceGizmos = 31 + 0.94QuantityGiamos/100 PriceWidgets = 19 • 0.85QuantityWidgets/150 and, P = (QuanityGizmos, QuantityWidgets) = (762, 401) and P, = (729, 422) QuantityWidgets 306 QuantityGizmos 250 a. Give the 2 functions of one variable through P, obtained by holding each variable constant. (Use the variables QW and QG) Revenue(762, QW) =- 762 · (19.3462 – QW 762. + QW |19 · 0,85 T50 250 306 Revenue(QG, 401) = QG · (31 ·0.94 OG 250 401 + 401: (12.3046 306 b. Find the partial derivatives of the original function. (Use the variables QW and QG) Revenuega(QG, QW) = 29.14 T (1 – f00 In(29.14)) - QW( 306 * 250 Revenueqw (QG, QW) =
The function is the revenue function for selling widgets and gizmos with demand price functions PriceGizmos = 31 + 0.94QuantityGiamos/100 PriceWidgets = 19 • 0.85QuantityWidgets/150 and, P = (QuanityGizmos, QuantityWidgets) = (762, 401) and P, = (729, 422) QuantityWidgets 306 QuantityGizmos 250 a. Give the 2 functions of one variable through P, obtained by holding each variable constant. (Use the variables QW and QG) Revenue(762, QW) =- 762 · (19.3462 – QW 762. + QW |19 · 0,85 T50 250 306 Revenue(QG, 401) = QG · (31 ·0.94 OG 250 401 + 401: (12.3046 306 b. Find the partial derivatives of the original function. (Use the variables QW and QG) Revenuega(QG, QW) = 29.14 T (1 – f00 In(29.14)) - QW( 306 * 250 Revenueqw (QG, QW) =
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Please help with the red, thank you!

Transcribed Image Text:The function is the revenue function for selling widgets and gizmos with demand price functions
PriceGizmos = 31 + 0.94QuantityGizmos/100
PriceWidgets = 19 • 0.85QuantityWidgets/150
and, P = (QuanityGizmos, QuantityWidgets) = (762, 401) and P, = (729, 422)
QuantityWidgets
306
QuantityGizmos
250
a. Give the 2 functions of one variable through P, obtained by holding each variable constant. (Use the
variables QW and QG)
OW
Revenue(762, QW) - 762 · (19.3462
306
ow (w os
762
250
+ QW
150
0.85
OG
401
306
+ 401 · (12.3046 – OG
250
Revenue(QG, 401)
QG 31 · 0.94 T00
b. Find the partial derivatives of the original function. (Use the variables QW and QG)
OG
100
Revenueg(QG, QW) = 29.14
OG
100
306
250
Revenueqw(QG, QW)
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON

Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning

Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education