Suppose profit function of a multi-product firm producing two goods, X and Y is given as follows.
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Suppose profit function of a multi-product firm producing two goods, X and Y is given as follows.
X = 50 X – X 2 – XY + 60 Y – 2 Y 2 Find the profit maximizing combination of X and Y subject to X + Y = 30 by using Lagrangian multiplier method.
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