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3. Firm is producing three goods chair (C), table (t) and sofa (S) with processed woods. Demand Function for chair C=200-6Pc+2Pt-2Ps, demand function for
3. Firm is producing three goods chair (C), table (t) and sofa (S) with processed woods. Demand Function for chair C=200-6Pc+2Pt-2Ps, demand function for table T=360+2Pc-8Pt+4Ps and demand function for sofa S=400+4Pc+2Pt-10PS where total cost TC=2C2 + 4T2 + 252 + 2CT + 2T'S + 2CS Optimize the profit function using Hessian. Where C, T, and S represents quantity of chair, table and sofa and Pc, Pt, Ps represents the respective price of them.
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Microeconomics Principles, Problems and Policies
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
20th edition
978-0077660819, 77660811, 978-1259450242
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