Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please solve on paper so I can follow the steps Find the stationary points of the following functions, and determine whether each is a maximum,

image text in transcribed

Please solve on paper so I can follow the steps

image text in transcribed
Find the stationary points of the following functions, and determine whether each is a maximum, minimum or saddle point. (a) z=x2 y2 +4y3x+50 (b) 2 = 2x5y +5x2 +2y2+4xy +1000 A rm charges different prices for its good to its domestic and export markets. In the domestic market its demand function is given by P = 20 2Q D while in the export market its demand function is given by P =15 1.5QE. The total cost function is TC = 5(QD + QE ). i) What level of output should the rm sell in each market in order to maximise prot? [hint total prot = Total Revenue Domestic market + Total Revenue Export Market - Total Cost] ii) What price will the rm charge in each market if it is to maximise its prots

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics

Authors: Christopher T.S. Ragan

16th Canadian Edition

0134835832, 978-0134835839

More Books

Students also viewed these Economics questions

Question

What reward will you give yourself when you achieve this?

Answered: 1 week ago