Consider a competitive firm that produces two specific goods. The firm's cost function for the two goods is denoted as follows: C (91-92) = 3912+3 9₂² be the quantity of good 1 produced and 92 the quantity of good 2 produced. Assume good 1 is priced at 60 dollars and good 2 is price at 18. where dollars Find the quantities produced of each good to maximize the firm's profit. Round to two decimal places, if necessary. 91- 92 Number Number What is the profit of the firm after producing the ideal amount? Round to two decimal places, if necessary Number Now check the second order conditions The Hessian is sin (a) Or ⠀⠀⠀ 00 12
Consider a competitive firm that produces two specific goods. The firm's cost function for the two goods is denoted as follows: C (91-92) = 3912+3 9₂² be the quantity of good 1 produced and 92 the quantity of good 2 produced. Assume good 1 is priced at 60 dollars and good 2 is price at 18. where dollars Find the quantities produced of each good to maximize the firm's profit. Round to two decimal places, if necessary. 91- 92 Number Number What is the profit of the firm after producing the ideal amount? Round to two decimal places, if necessary Number Now check the second order conditions The Hessian is sin (a) Or ⠀⠀⠀ 00 12
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
ChapterB: Differential Calculus Techniques In Management
Section: Chapter Questions
Problem 5E
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