. A firm produces two goods, x and y, that have demand functions p x p y x y 20 2 and 25 4 respectively. The firms cost function is C x y 1000 10 5 . a. Find the quantities and prices of x and y that maximizes the firms profits. b. Find the value of the price elasticity of demand for both goods in equilibrium

4. A firm produces two goods, x and y, that have demand functions Px = 20 2x and P, = 25 4y respectively. The firm's cost function is C =1000+10x +5y. a. Find the quantities and prices of x and y that maximizes the firm's profits. b. Find the value of the price elasticity of demand for both goods in equilibrium