A perfectly competitive producer sells two goods, G 1 and G 2 , at $70 and $50, respectively The total cost of producing these goods is given by where Q 1 and Q 2 denote the output levels of G 1 and G 2 Find the maximum profit and the values of Q 1 and Q 2 at which this is achieved TC Q Q,Q, Q 3D...

TR TC 70Q 50Qz Q QQz Q3 70Q 50Qz Q QQ Q 201 70299 50020 ag a03 2 02 1 Step 1 At ...

A perfectly competitive producer sells two goods, G 1 and G 2 , at $70 and $50,

Question:

A perfectly competitive producer sells two goods, G₁ and G₂, at $70 and $50, respectively. The total cost of producing these goods is given by
where Q₁ and Q₂ denote the output levels of G₁ and G₂. Find the maximum profit and the values of Q₁ and Q₂ at which this is achieved.