Explanation Given Information: The selling price of product A is $ a and for product B is $ b while the total cost of producing to produce product A and B is C ( x , y ) . Formula used: The partial differentiation of z = f ( x , y ) with respect to x by holding y constant as: ∂ ∂ x [ f ( x , y ) ] = f x ( x , y ) The partial differentiate f ( x , y ) with respect to y by holding x constant as: ∂ ∂ y [ f ( x , y ) ] = f y ( x , y ) Proof: The profit function is given by P ( x , y ) = R ( x , y ) − C ( x , y ) , where R is the revenue function and C is the cost function. If x units are produced of product A , each costs $ a , and if y units are produced of product B , each costs $ b , then the revenue is x a + y b . Thus, the revenue function is R ( x , y ) = x a + y b . Substitute x a + y b for R ( x , y ) in P ( x , y ) = R ( x , y ) − C ( x , y ) . P ( x , y ) = x a + y b − C ( x , y ) Thus, the profit function is P ( x , y ) = x a + y b − C ( x , y ) . Differentiate P ( x , y ) = x a + y b − C ( x , y ) with respect to x by holding y constant, ∂ P ∂ x = ∂ ∂ x ( x a + y b − C ( x , y ) ) = a − ∂ C ∂ x ( x , y ) Equate the first derivative of function P ( x , y ) = x a + y b − C ( x , y ) with respect to x to zero

WebAssign Printed Access Card for Harshbarger/Reynolds' Mathematical Applications for the Management, Life, and Social Sciences, 12th Edition, Multi-Term

12th Edition

ISBN: 9781337630542

Author: Ronald J. Harshbarger, James J. Reynolds

Publisher: Cengage Learning

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Chapter 14.4, Problem 26E

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To prove: The profit from the products, A and B, is maximized, when ∂C∂x(x,y)=a and ∂C∂y(x,y)=b where the total cost of producing to produce product A and B is C(x,y).

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Chapter 14.4, Problem 25E

Chapter 14.4, Problem 27E

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Chapter 14 Solutions

WebAssign Printed Access Card for Harshbarger/Reynolds' Mathematical Applications for the Management, Life, and Social Sciences, 12th Edition, Multi-Term

Ch. 14.1 - CHECKPOINT 1. Find the domain of the function Ch. 14.1 - CHECKPOINT 2. (a) If . (b) If . Ch. 14.1 - Prob. 1E Ch. 14.1 - Prob. 2E Ch. 14.1 - Prob. 3E Ch. 14.1 - Prob. 4E Ch. 14.1 - Prob. 5E Ch. 14.1 - Prob. 6E Ch. 14.1 - Prob. 7E Ch. 14.1 - Prob. 8E

Ch. 14.1 - Prob. 9E Ch. 14.1 - Prob. 10E Ch. 14.1 - Prob. 11E Ch. 14.1 - Prob. 12E Ch. 14.1 - Prob. 13E Ch. 14.1 - Prob. 14E Ch. 14.1 - Prob. 15E Ch. 14.1 - Prob. 16E Ch. 14.1 - In Problems 15-22, evaluate each function as...Ch. 14.1 - Prob. 18E Ch. 14.1 - Prob. 19E Ch. 14.1 - Prob. 20E Ch. 14.1 - Prob. 21E Ch. 14.1 - In Problems 15-22, evaluate each function as...Ch. 14.1 - Prob. 23E Ch. 14.1 - Prob. 24E Ch. 14.1 - 25. Curve speeds One method traffic planners use...Ch. 14.1 - Prob. 26E Ch. 14.1 - Prob. 27E Ch. 14.1 - Prob. 28E Ch. 14.1 - 29. Mortgage The following tables show that a...Ch. 14.1 - 30. Wind chill Wind and cold temperatures combine...Ch. 14.1 - Prob. 31E Ch. 14.1 - Prob. 32E Ch. 14.1 - Prob. 33E Ch. 14.1 - Prob. 34E Ch. 14.1 - Prob. 35E Ch. 14.1 - 36. Profit The Kirk Kelly Kandy Company makes two...Ch. 14.1 - Prob. 37E Ch. 14.1 - Prob. 38E Ch. 14.2 - Prob. 1CP Ch. 14.2 - Prob. 2CP Ch. 14.2 - Prob. 3CP Ch. 14.2 - Prob. 4CP Ch. 14.2 - Prob. 5CP Ch. 14.2 - Prob. 1E Ch. 14.2 - Prob. 2E Ch. 14.2 - Prob. 3E Ch. 14.2 - Prob. 4E Ch. 14.2 - Prob. 5E Ch. 14.2 - Prob. 6E Ch. 14.2 - Prob. 7E Ch. 14.2 - Prob. 8E Ch. 14.2 - Prob. 9E Ch. 14.2 - Prob. 10E Ch. 14.2 - Prob. 11E Ch. 14.2 - Prob. 12E Ch. 14.2 - Prob. 13E Ch. 14.2 - Prob. 14E Ch. 14.2 - Prob. 15E Ch. 14.2 - Prob. 16E Ch. 14.2 - Prob. 17E Ch. 14.2 - Prob. 18E Ch. 14.2 - 19. Find the slope of the tangent in the...Ch. 14.2 - 20. Find the slope of the tangent in the...Ch. 14.2 - Prob. 21E Ch. 14.2 - Prob. 22E Ch. 14.2 - Prob. 23E Ch. 14.2 - Prob. 24E Ch. 14.2 - Prob. 25E Ch. 14.2 - Prob. 26E Ch. 14.2 - Prob. 27E Ch. 14.2 - Prob. 28E Ch. 14.2 - Prob. 29E Ch. 14.2 - Prob. 30E Ch. 14.2 - Prob. 31E Ch. 14.2 - 32. If , find the following. (a) (b) (c) (d) Ch. 14.2 - 33. If , find the following. Ch. 14.2 - 34. If , find the following. Ch. 14.2 - Prob. 35E Ch. 14.2 - Ch. 14.2 - Ch. 14.2 - Prob. 38E Ch. 14.2 - Prob. 39E Ch. 14.2 - Prob. 40E Ch. 14.2 - 41. . Ch. 14.2 - . Ch. 14.2 - Prob. 43E Ch. 14.2 - Ch. 14.2 - 45. Mortgage When a homeowner has a 25-year...Ch. 14.2 - 46. Mass transportation ridership Suppose that in...Ch. 14.2 - 47. Wilson's lot size formula In economics, the...Ch. 14.2 - 48. Cost Suppose that the total cost (in dollars)...Ch. 14.2 - 49. Pesticide Suppose that the number of thousands...Ch. 14.2 - 50. Profit Suppose that the profit (in dollars)...Ch. 14.2 - Prob. 51E Ch. 14.2 - Prob. 52E Ch. 14.2 - 53. Production Suppose that the output Q (in...Ch. 14.2 - Prob. 54E Ch. 14.2 - Prob. 55E Ch. 14.2 - Prob. 56E Ch. 14.3 - CHECKPOINT If the joint cost in dollars for two...Ch. 14.3 - Prob. 2CP Ch. 14.3 - Prob. 3CP Ch. 14.3 - Prob. 1E Ch. 14.3 - Prob. 2E Ch. 14.3 - 3. The total cost of producing 1 unit of a product...Ch. 14.3 - Prob. 4E Ch. 14.3 - Prob. 5E Ch. 14.3 - Prob. 6E Ch. 14.3 - Prob. 7E Ch. 14.3 - Prob. 8E Ch. 14.3 - 9. If the joint cost function for two products is ...Ch. 14.3 - 10. Suppose the joint cost function for x units of...Ch. 14.3 - 11. Suppose that the joint cost function for two...Ch. 14.3 - Prob. 12E Ch. 14.3 - Prob. 13E Ch. 14.3 - Prob. 14E Ch. 14.3 - Prob. 15E Ch. 14.3 - Prob. 16E Ch. 14.3 - Prob. 17E Ch. 14.3 - Prob. 18E Ch. 14.3 - Prob. 19E Ch. 14.3 - Prob. 20E Ch. 14.3 - 21. Suppose the Cobb-Douglas production function...Ch. 14.3 - Prob. 22E Ch. 14.3 - Prob. 23E Ch. 14.3 - Prob. 24E Ch. 14.3 - Prob. 25E Ch. 14.3 - Prob. 26E Ch. 14.3 - Prob. 27E Ch. 14.3 - Prob. 28E Ch. 14.3 - Prob. 29E Ch. 14.3 - Prob. 30E Ch. 14.4 - CHECKPOINT Suppose that Find Ch. 14.4 - Prob. 2CP Ch. 14.4 - Prob. 3CP Ch. 14.4 - Prob. 4CP Ch. 14.4 - Prob. 1E Ch. 14.4 - Prob. 2E Ch. 14.4 - Prob. 3E Ch. 14.4 - Prob. 4E Ch. 14.4 - Prob. 5E Ch. 14.4 - Prob. 6E Ch. 14.4 - Prob. 7E Ch. 14.4 - Prob. 8E Ch. 14.4 - Prob. 9E Ch. 14.4 - Prob. 10E Ch. 14.4 - Prob. 11E Ch. 14.4 - Prob. 12E Ch. 14.4 - Prob. 13E Ch. 14.4 - Prob. 14E Ch. 14.4 - Prob. 15E Ch. 14.4 - Prob. 16E Ch. 14.4 - Prob. 17E Ch. 14.4 - Prob. 18E Ch. 14.4 - 19. Profit Suppose that the quarterly profit from...Ch. 14.4 - Prob. 20E Ch. 14.4 - 21. Nutrition A new food is designed to add weight...Ch. 14.4 - Prob. 22E Ch. 14.4 - 23. Production Suppose that tons is the...Ch. 14.4 - 24. Production Suppose that x units of one input...Ch. 14.4 - 25. Profit Suppose that a manufacturer produces...Ch. 14.4 - Prob. 26E Ch. 14.4 - Prob. 27E Ch. 14.4 - Prob. 28E Ch. 14.4 - 29. Profit A company manufactures two products, A...Ch. 14.4 - Prob. 30E Ch. 14.4 - Prob. 31E Ch. 14.4 - The manager of the Sea Islands Chicken Shack is...Ch. 14.4 - Prob. 33E Ch. 14.4 - Prob. 34E Ch. 14.4 - Prob. 35E Ch. 14.4 - Prob. 36E Ch. 14.5 - Prob. 1CP Ch. 14.5 - Prob. 2CP Ch. 14.5 - Prob. 3CP Ch. 14.5 - Prob. 4CP Ch. 14.5 - Prob. 1E Ch. 14.5 - Prob. 2E Ch. 14.5 - Prob. 3E Ch. 14.5 - Prob. 4E Ch. 14.5 - Prob. 5E Ch. 14.5 - Prob. 6E Ch. 14.5 - Prob. 7E Ch. 14.5 - Prob. 8E Ch. 14.5 - Prob. 9E Ch. 14.5 - Prob. 10E Ch. 14.5 - Prob. 11E Ch. 14.5 - Prob. 12E Ch. 14.5 - Prob. 13E Ch. 14.5 - Prob. 14E Ch. 14.5 - Prob. 15E Ch. 14.5 - 16. Utility Suppose that the budget constraint in...Ch. 14.5 - 17. Utility Suppose that the utility function for...Ch. 14.5 - 18. Utility Suppose that the utility function for...Ch. 14.5 - Prob. 19E Ch. 14.5 - Prob. 20E Ch. 14.5 - 21. Cost A firm has two plants, X and Y. Suppose...Ch. 14.5 - Prob. 22E Ch. 14.5 - Prob. 23E Ch. 14.5 - Prob. 24E Ch. 14.5 - 25. Manufacturing Find the dimensions (in...Ch. 14.5 - Prob. 26E Ch. 14 - 1. What is the domain of ? Ch. 14 - Prob. 2RE Ch. 14 - Prob. 3RE Ch. 14 - 4. If . Ch. 14 - Prob. 5RE Ch. 14 - Prob. 6RE Ch. 14 - Prob. 7RE Ch. 14 - Prob. 8RE Ch. 14 - Prob. 9RE Ch. 14 - Prob. 10RE Ch. 14 - Prob. 11RE Ch. 14 - Prob. 12RE Ch. 14 - Prob. 13RE Ch. 14 - Prob. 14RE Ch. 14 - In Problems 15-18, find the second partials. Ch. 14 - Prob. 16RE Ch. 14 - Prob. 17RE Ch. 14 - Prob. 18RE Ch. 14 - Prob. 19RE Ch. 14 - Prob. 20RE Ch. 14 - Prob. 21RE Ch. 14 - Prob. 22RE Ch. 14 - Prob. 23RE Ch. 14 - Prob. 24RE Ch. 14 - Prob. 25RE Ch. 14 - Prob. 26RE Ch. 14 - Prob. 27RE Ch. 14 - Prob. 28RE Ch. 14 - Prob. 29RE Ch. 14 - Prob. 30RE Ch. 14 - Prob. 31RE Ch. 14 - Prob. 32RE Ch. 14 - Prob. 33RE Ch. 14 - Prob. 34RE Ch. 14 - 35. Modeling US. average wage The table gives the...Ch. 14 - Prob. 36RE Ch. 14 - Prob. 1T Ch. 14 - Prob. 2T Ch. 14 - Prob. 3T Ch. 14 - Prob. 4T Ch. 14 - Prob. 5T Ch. 14 - Prob. 6T Ch. 14 - 7. Suppose the demand functions for two products...Ch. 14 - Prob. 8T Ch. 14 - 9. Find x and y that maximize the utility function...Ch. 14 - Prob. 10T

Knowledge Booster

To prove: The profit from the products, A and B , is maximized, when ∂ C ∂ x ( x , y ) = a and ∂ C ∂ y ( x , y ) = b where the total cost of producing to produce product A and B is C ( x , y ) .

Solution Summary: The author explains that the profit from the products, A and B, is maximized when the total cost of producing to produce them is b.

To prove: The profit from the products, A and B, is maximized, when ∂C∂x(x,y)=a and ∂C∂y(x,y)=b where the total cost of producing to produce product A and B is C(x,y).

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Chapter 14 Solutions